TMI Blog2023 (10) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... t when an assessee has all the possible evidence in support of its claim, they cannot be brushed aside based on surmises. Assessee-trust has received subscription/donation and the same was amount collected/received from its members. As stated that this Mandali has 3150 women members and each member has taken share of Rs. 100/- to Rs. 500/- according to their capacity. Thereafter, these savings are collected by the President and Secretary. The amount so collected is deposited in the Bank Account. Assessee (Mandli) provide loan facilities to its members @ 12% and the dividend is distributed to its member annually during the Annual General Meeting of every year. Therefore, based on these facts and circumstances, delete the addition. Assessee appeal allowed. - Dr. A. L. Saini, AM For the Assessee : Shri Rajesh Upadhyay, AR For the Respondent : Shri Vinod Kumar, Sr. DR ORDER PER DR. A. L. SAINI, AM: Captioned appeal filed by the assessee, pertaining to Assessment Year (AY) 2017-18, is directed against the order passed by the National Faceless Appeal Centre, Delhi (in short NFAC/ld. CIT(A) ], dated 30.06.2023, which in turn arises out of an assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2017 requesting the assessee to furnish return of income for A.Y 2017-18. 4. In order to verify the transactions reported in ITBA, information u/s 133(6) of the Act, was called for from the respective banks during the course of assessment proceedings, requiring them to submit bank statement for the year under consideration along with all KYC documents. On verification of the bank statement, it was noticed by the Assessing Officer that apart from the cash deposited during the demonetization period, there are huge credits appearing in the bank accounts of the assessee. The total credits appearing in the various bank accounts of the assessee, during the financial year (F.Y.) 2016-17 is summarized as under: Name of the bank Account No. Cash deposited during demonetization period Cash deposited other than demonetization period during the year Other credits by way of transfer and clearing Dena Bank 0302100545507 25,58,740 3,22,700 17,34,460 Bharuch DCCB 611010071779 15,73 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd help in their various problems. For any personal problems and difficulties the women approach the co-operative for assistance. Financial management is carried out by the Secretary of the Society. Deposits withdrawals, giving of loans, taking back the loan, calculating the interest etc. The share is deposited in the District Co-Operative Bank. Other cash is deposited in the Dena Bank. 6. During the assessment proceedings, the assessee has also filed copy of PAN card, copy of bank account first page (BDCC Bank Dena Bank), certificate of incorporation, audit report for assessment year (A.Y.) 2017-18, member list in Mandli etc. The assessee has explained the source of cash deposited during the year including that of demonetization period through its submission that the same was amount collected/received from its members. The assessee in its submission stated that this Mandali has 3150 women members and each member has taken share of Rs. 100/- to Rs. 500/- according to their capacity. Thereafter, these savings are collected by the President and Secretary. The amount so collected is deposited in the Bank Account. The assessee (Mandli) provide loan facilities to its members ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f bank statement of Dena Bank (pages 37-43 of paper book) (iii) Copy of bank statement of Bharuch DCCB (pages 44 to 48 of paper book). The Ld. Counsel submitted that assessee-trust is for the benefit of Tribal Adivasi women and assessee-trust consisted of two Talukas in the backward villages and there is a continuous receipts and payments amongst the Adivasi women. After getting subscription from Tribal Adivasi women, the assessee-trust provides money to the needy women @ 12% interest. The bank statement and other documents were on the record of Assessing Officer and Assessing Officer did not make addition in respect of cash deposits of Rs. 29,99,200/- and cash deposits to the tune of Rs. 13,34,460/-, however the character of the cash deposits were same and the Assessing Officer made addition to the tune of Rs. 41,31,910/-, which was deposited out of the subscription money received from the Adivasi women and therefore said addition should be deleted. The Ld. Counsel submitted that money which was deposited in the bank accounts, were duly recorded in assessee s books of accounts and books of accounts were audited, therefore genuineness of the transaction should not be doubted. There ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 Bharuch DCCB 611010071779 15,73,170 26,76,500 0 Total 41,31,910 29,99,200 17,34,460 12. I find that during the assessment proceedings, the assessee has given satisfactory explanation of cash deposited of Rs. 41,31,910/- during the demonetization period, by submitting Copy of PAN card, Copy of bank account, Copy of first page (BDCC Bank Dena Bank account), Certificate of incorporation, Audit report for A.Y. 2017-18, Members list in Mandli and written submission to explain the source of the source. 13. I note that Assessing Officer has not made addition in respect of cash deposit other than demonetization period to the tune of Rs. 29,99,200/- Thus, assessing officer has treated the said cash deposit of Rs. 29,99,200/-, as genuine money of the assessee-trust. The Assessing Officer also did not make addition in respect of other credit by way of transfer and clearing of Rs. 17,34,460/-. Therefore, it is abundantly clear that total cash and other credit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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