INCOME TAX OFFICER, THIRUVANANTHAPURAM vs. MUNDELA SERVICE COOPERATIVE BANK, THIRUVANANTHAPURAM

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ITA 710/COCH/2023Status: DisposedITAT Cochin23 October 2024AY 2016-17Bench: Shri Satbeer Singh Godara (Judicial Member), Shri Amarjit Singh (Accountant Member)2 pages

In favour of the Revenue: the Revenue's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal followed a coordinate bench's order which restored the issue of cash credits back to the Assessing Officer for fresh verification. Therefore, the appeals were allowed for statistical purposes.

What were the facts?

The Revenue appealed against the CIT(A)'s decision to reverse the Assessing Officer's addition of unexplained cash credits. The issue involved cash credits claimed by the assessee to be from its members.

What were the issues?

Whether the cash credits were genuine and from the assessee's members, requiring fresh verification by the Assessing Officer.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Dr. S. Pandian, CIT-DR
For Respondent: Shri K.P. Pradeep, Advocate
Hearing: 22.08.2024Pronounced: 23.10.2024

O R D E R Per Bench These Revenue’s twin appeals for A.Ys. 2016-17 and 2012-13, arise against the National Faceless Appeal Centre, Delhi [CIT(A)]’s DIN & Order No. ITBA/NFAC/S/250/2023-24/1055074028(1) and 1056487281(1) dated 11.08.2023 and 25.09.2023, in proceedings u/s.143(3) and 147 r.w.s.144 of the Income Tax Act, 1961 (the Act); assessment year-wise; respectively.

Heard both the parties. Case files perused.

2.

The Revenue’s sole substantive ground raised in “lead” appeal ITA.No.710/Coch./2023 seeking to reverse the CIT(A)-NFAC’s lower appellate findings reversing the Assessing Officer’s action making sec.68 unexplained cash credits addition of Rs.6,02,37,173/-, in the course of assessment dated 14.12.2018.

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