NATIONAL INSTITUTE FOR TEACHER EDUCATION,KHETRI vs. INCOME TAX OFFICER, WARD 1(4), GUWAHATI , GUWAHATI

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ITA 16/GTY/2024Status: DisposedITAT Guwahati10 January 2025AY 2017-18Bench: SRI DUVVURU RL REDDY, VICE PRESIDENT (KZ) & SRI RAKESH MISHRA (Accountant Member)9 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee is an educational institution eligible for exemption under Section 10(23C)(iiiad) of the Income Tax Act. The cash deposits were presumed to be out of student fees and not business receipts.

What were the facts?

The assessee, an educational institution, deposited Rs. 12,97,000/- in its bank account during the demonetization period. The Assessing Officer made an addition of this amount to the assessee's income, treating it as undisclosed business receipts.

What were the issues?

Whether the cash deposits made by an educational institution during demonetization are to be treated as undisclosed income, and whether the institution is eligible for exemption under Section 10(23C)(iiiad) without Section 12A registration.

Which sections of the Income-tax Act were involved?

Section 144,Section 250,Section 272B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, GUWAHATI BENCH AT KOLKATA

Before: SRI DUVVURU RL REDDY(KZ) & SRI RAKESH MISHRA

order

: January 10th, 2025 ORDER

PER RAKESH MISHRA, ACCOUNTANT MEMBER:

1.

This appeal filed by the assessee is against the order of the Ld. Commissioner of Income Tax (Appeals)-NFAC, Delhi [hereinafter referred to as “the Ld. CIT(A)”] passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) for AY 2017-18 dated 21.04.2023, which has been passed against the assessment order u/s 144 of the Act, dated 05.07.2019.

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