TMI Blog2018 (9) TMI 1304X X X X Extracts X X X X X X X X Extracts X X X X ..... ed registration certificates given by MP Autonomous Corporation as well as MP Co-operative Society Ltd. CIT(A) rightly deleted the addition as the alleged cash belonged to M/s Laxmi Sakh Sahakarita Maryadit Society and was deposited in the bank account held by the society and the alleged cash transactions are duly reflected in the cash book maintained by the society. - Decided against revenue Unexplained fixed deposit credited in the bank - AO made additions as they were appearing under the PAN Number of the assessee - Held that:- It is an admitted fact that in the instant appeal the addition were made only because of quoting PAN of President in the bank account held by the society. All details of the alleged fixed deposits have been fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... kari Society (Amendment) Act, 2012. a Private Limited Company engaged in the activity of civil construction, purchase and sale of immoveable property. His source of income was from legal practice and other sources. Income of ₹ 3,29,930/- disclosed in the income tax return filed on 14.6.2014. Case selected for scrutiny through CASS. Accordingly notices u/s 143(2)/142(1) duly served upon the assessee along with questionnaire. On the basis of the information received by the Assessing Officer from the CIB due to which the case was selected for scrutiny under CASS. The Ld.A.O observed that cash exceeding ₹ 10 lakh have been deposited in the saving bank account in the name of the assessee and further investigation it is revealed that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account of unexplained cash deposits in the bank account of M/s. Lakshmi Sakh Sahakarita Marydit Society u/s 69 of the I.T. Act without appreciating the findings of the AO. 2. deleting the addition of ₹ 55,42,838/- on account of unexplained fixed deposit credited in the bank account of M/s. Lakshmi Sakh Sahakarita Marydit Society u/s 69 of the I.T. Act without appreciating the findings of the AO. 3. deleting the addition of ₹ 55,42,838/- on account of unexplained fixed deposit when the TDS on such account was claimed by the assessee and duly allowed to the assessee. 4. deleting the addition stating that PAN of the assessee was given in the bank on behalf of the society when the PAN: AAAAL4305L was already allotted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te of the society Laxmi Sakh Sahkarita Mariyadit, Kukshi under the Madhya Pradesh Cooperative Society (Amended) Act, 2012 dated 08/01/2014. (iii) Copy of PAN card of the society Laxmi Sakh Sahkarita Mariyadit, Kukshi Kukshi. (iv) The 1etter of the Auditor Mr. Rakesh Gupta, CA stating that the accounts of the society have been audited for period ending 31/03/2013 enclosing the P L a/c and balance sheet. (v) Copy of bank account of the society with Narmada Jhabua Gramin Bank A/c No. 3612 for the period 01/04/2012to 31/03/2013. 3.2 The Assessing Officer has not brought anything on record to show that the society Laxmi Sakh Sahkarita Mariyadit, Kukshi does not exist. The Assessing Officer has made the addition of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arita Maryadit reflects the said cash balances which have been deposited in the account. Therefore, the addition of ₹ 52,95,000/- on account of cash deposited in the said account during the period under consideration cannot be made in the hands of the appellant. The addition of ₹ 52,95,000/- is deleted and ground no. 2 is allowed . 8. The findings of the Ld.CIT(A) were not controverted by the Departmental Representative. Records asserts the fact that the alleged transaction of cash deposits belonged to the society namely M/s Laxmi Sakh Sahakarita Maryadit Society. The society was holding six bank accounts and in one of the bank Narmada Jhabua Gramin Bank, Kukshi bearing No.3612 in the computer system of the bank the PAN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is an admitted fact that in the instant appeal the addition were made only because of quoting PAN of President in the bank account held by the society. All details of the alleged fixed deposits have been filed and placed on record which have been duly examined by the first appellate authority and thereby concluding that the society was having fixed deposit of ₹ 50 lakhs in the maturity and interest of ₹ 5,42,838/- was received after deduction of tax at source. The alleged TDS was reflecting in the form 26AS of the assessee as his PAN number was quoted in the bank records. Audited and financial statemesnt of the society clearly shows that the fixed deposits as well as interest accrued thereon belong to the society only and not to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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