SILIGURI COLLEGE,SILIGURI vs. ITO, WARD-1(3), SILIGURI

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ITA 489/KOL/2024Status: DisposedITAT Kolkata23 July 2024AY 2018-19Bench: SRI RAJPAL YADAV, VICE-PRESIDENT & SRI SANJAY AWASTHI (Accountant Member)3 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the assessee deserves another chance to present its case before the CIT(A) to justify the impugned transactions. The matter was remanded back to the CIT(A) for adjudication.

What were the facts?

The Assessing Officer initiated reassessment proceedings against Siliguri College for AY 2018-19 due to non-filing of return and significant financial transactions. Despite multiple notices, the college failed to respond, leading to additions for cash/credit variations and interest income.

What were the issues?

Whether the additions made by the AO and confirmed by the CIT(A) were justified, considering the assessee's failure to provide explanations and the nature of the assessee as a government-aided college.

Which sections of the Income-tax Act were involved?

Section 147,Section 144,Section 250,Section 69A,Section 115BBE

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA ‘A’ BENCH, KOLKATA

Before: SRI RAJPAL YADAV, VICE- & SRI SANJAY AWASTHI

order

: July 23rd, 2024 ORDER

Per Sanjay Awasthi, Accountant Member:

1.

In this case, the Assessing Officer (hereinafter referred to as ld. 'AO') had information from the insight portal under non-filing of return category that the assessee had made financial transactions amounting to Rs. 1,21,14,975/-during the FY 2017-18. Admittedly no return of income was filed for the said assessment year. The ld. AO has recorded that as many as seven opportunities were given to statutory notices but the same were not availed of by the AO. Accordingly, he proceeded to make additions as under: a) Variation in respect of cash/credit in bank of Rs. 60,56,590/-.

I.T.A. No.: 489/KOL/2024 Assessment Year: 2018-19 Siliguri College. b) Variation in respect of interest income of Rs. 48,95,014/-. Accordingly, the total income was determined at Rs. 1,09,51,604/-. 1.1. This assessment was completed u/s 147 of the Income Tax Act, 1961 (in short the 'Act') read with section 144 read with section 144P of Act. Aggrieved with this action of ld. AO the appellant approached the ld. CIT(A) with an application for condoning the delay of 96 days in filing of the appeal. After condoning the said delay, the ld. CIT(A) afforded several opportunities, as many as five times, but was not successful in eliciting any response therein. Thereafter, the ld. CIT(A) proceeded to dismiss the appeal after holding that findings of ld. AO were justified. 1.2. Aggrieved with this action, the appellant has approached the ITAT through as many as six grounds of appeal as under: “1. That the Ld. CIT (Appeals) erred on law as well as facts while passing the order u/s 250 of the Income Tax Act, 1961.

2. That the Ld. CIT (Appeals) erred in confirming Rs. 60,56,590/- as unexplained money u/s 69A r.w.s. 115BBE of the Act.

3. That the Ld. CIT (Appeals) erred in confirming Rs. 48,95,014/- as interest income received from bank as income from other sources.

4. That the Ld. CIT (Appeals) erred while confirming the view that the deposit in bank account amounting Rs. 60,56,590/- and the total interest income of Rs. 48,95,014/- aggregating to Rs. 1,09,51,604/- as the income of the appellant as income without considering the fact the appellant is running a government aided college and that total receipts cannot be treated as income, the expenses have also been made towards running of the college from the bank account.

5. That as the additions confirmed by Ld. CIT (Appeals) is bad in law, unlawful, untenable and unjustified, the same should be deleted and your appellant be given such reliefs) as prayed for.

6. That the appellant craves your Ld. Permission to add, amend and modify the above on or before the date of hearing of the appeal.” 1.3. During the course of proceedings, the ld. A/R stressed on the fact that had the appellant been in a position to avail of the opportunities given by the authorities below then he would have explained the transactions which appeared to be suspicious, but are actually worthy of valid explanations. Page 2 of 3

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