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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Before: Shri Satbeer Singh Godara & Shri Amarjit Singh
Asst.Year 2017-2018 The Vellur Service Co-operative The Income Tax Officer Bank Limited, Vellur Ward - 3 v. Kannur. Payyanur, Kannur – 670 307. PAN : AAAAV3424A. (Appellant) (Respondent) Appellant by : Sri.Arun Raj S, Advocate Respondent by : Sri.Sanjit Kumar Das, CIT-DR Date of Pronouncement : 25.09.2024 Date of Hearing : 13.08.2024 O R D E R Per Bench : This assessee’s appeal in for assessment year 2017-2018 arises out of the order of the Commissioner of Income-tax (Appeals) / NFAC vide DIN & Order No.ITBA/NFAC/S/250/2023- 24/1055242833(1) dated 18.08.2023, in proceedings u/s.143(3) of the Income-tax Act, 1961; in short “the Act” hereinafter.
Heard both the parties. Case file perused.
It emerges at the outset that the assessee’s sole substantive ground raised in this instant appeal seeks to reverse both the lower authorities action making sec.69 unexplained money addition of Rs.3,46,06,000, in the course of assessment dated 30.12.2019 as upheld in the lower appellate discussion.
Learned counsel vehemently submits that the assessee had received the impugned demonetized specific bank note “SBNs” from its account holders in regular banking activity only and therefore, this sec.69 addition deserves to be deleted.
The Revenue’s case on the other hand is that all the KYC details of the corresponding members / account holders have neither filed nor processed.
Face with this situation, we deem it appropriate to restore the assessee’s instant substantive ground back to the Assessing Officer for his afresh appropriate adjudication as per law, subject to a rider that it shall be the assessee’s entire risk and responsibility to plead and prove all the relevant facts within three effective opportunities of hearing on consequential proceedings. Ordered accordingly.