9911796707
TMI Blog2025 (1) TMI 655X X X X Extracts X X X X X X X X Extracts X X X X ..... st the assessment order u/s 144 of the Act, dated 05.07.2019. 2. The assessee is in appeal before this Tribunal raising the following grounds of appeal: "1. For that the Learned Commissioner of Income Tax (Appeals) erred in law as well as on facts in upholding the order of the assessing officer determining total income of Rs. 13,54,560 under the heads Profits and Gains from Business and Profession and Income from Other Sources in the hands of the appellant institution. 2. For that the Learned CIT(A) erred in denying exemption u/s 10(23C)(iiiad) to which the appellant assessee was entitled under law considering the eligible activities carried on by them. 3. For that the appellant urges leave to add to, modify or delete any ground of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for having more than one PAN. Hence, the contention of the appellant that the appellant is not a separate taxable entity is not tenable in law. Moreover, the appellant has failed during the assessment proceedings as well as during the appellate proceedings to fully demonstrate that the transactions appearing in the name of the appellant are accounted for in the case of the other assessee viz. Bharali Education Foundation (BEF). Hence, Ground No. 3 of the appellant is Dismissed. 7.5 In Ground No. 4 of the appellant, it is argued that the impugned order of assessment is not tenable in law in as much as it is done ignoring the vital facts that the appellant institution is exempt from income tax in terms of section 10(23C)(iiiad). In this re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per the provisions of the IT Act. It is also observed by the AO that the appellant has not got the books of accounts audited as per the requirement of the Act. The appellant had contended that the cash deposits made by the appellant in the SBI, Maloibari branch (Current A/c No. 36119845291) during the demonetization period were receipts by way of advance fees from students for the academic session but the appellant has not been able to satisfactorily justify this stand with cogent material and requisite evidence. Hence, I find no fault in the action of the AO in bringing to tax the cash deposits of Rs. 12,97,000/- made during the demonetization period. Ground No. 5 of the Appellant is, therefore, DISMISSED." 3.1. Aggrieved with the order o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... istered trust and its income is exempted however, trust deed produced by Shri Bharali do not exhibit the name, status as well as objectives of assessee institution. 3. It has been observed in course of proceedings neither of above institutions is registered by the Commissioner of Income-tax under section 12AA/A for enjoying benefit of exemption as per provision of Income-tax Act nor got its books of accounts audited as per requirement of Act. 4. As per extract of bank statement obtained from SBI, Maloibari brach (Current A/C No. 36119845291) shown that assessee institution had made cash deposit of Rs. 12 97,000/- in bank during demonetization period. 5. The assessee contended that above cash deposits during demonetization period were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mentioned that the assessee failed to demonstrate that the transactions are accounted for in the name of the Trust while the assessee claimed that it was not legally required to file the return of a loss and the primary source of the deposits in the bank account was the fees received from the students at Rs. 82,00,000/-. 4.2. The Ld. DR argued that the PAN was surrendered on 28.10.2020 and the Trust was not registered u/s 12A of the Act in response to which the Ld. AR countered that the PAN was surrendered after the assessment was made but merely because the assessee held a PAN, it does not become a separate person. No registration u/s 12A of the Act was required as the exemption was due u/s 10(23C)(iiiad) of the Act which does not require ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... students are shown at Rs. 82,08,600/-, sale of application form at Rs. 17,800/- besides accrued interest on fixed deposits and interest on SB A/c at Rs. 39,623/-. The Ld. AO has added a sum of Rs. 12,97,000/- being the cash deposited in the bank account. The assessee had surrendered the duplicate PAN and by way of fresh evidence filed before us at page 24 of the paper book, the necessary evidence has been filed. It was also granted affiliation by GU, NAAC etc. Thus, on the basis of the evidence filed before the Ld. THE LD. AO, it is evident that the assessee is an educational institution and the cash deposit of Rs. 12,97,000/-, which was less than the total fee received from the students as Rs. 82,08,600/-, can be presumed to be out of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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