9911796707
TMI Blog2025 (5) TMI 626X X X X Extracts X X X X X X X X Extracts X X X X ..... eet dated 11.03.2025 forming part of the assessment order for Assessment Year 2017-18 by the Opposite Party No. 1-Assessment Unit, Income Tax Department, National Faceless Assessment Centre, the Petitioner has approached this Court by way of filing this writ petition invoking extraordinary jurisdiction under Article 226 of the Constitution of India. 3. The Petitioner, Regulated Market Committee established under the Odisha Agriculture Produce Market Act, 1956, was issued with notice under Section 148A (b) of the Income Tax Act, 1961 (for short, "the IT Act") for the Assessment Year 2017-18 for assessment of alleged receipt of an amount of Rs. 4,77,79,805/- in its bank account for which no Income Tax return was filed. 4. The Petitioner was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such exemption granted to the Petitioner and allowed its appeal. The decision so taken by the Appellate Authority for Assessment Year 2018-19 would also apply to the present Assessment Year 2017-18 in all fours. 5.3. He, therefore, essentially submitted that if the matter is remitted to the Assessing Authority, the demand would be almost nil. 6. Mr. Avinash Kedia, learned Junior Standing Counsel appearing for the Income Tax Department sought for instruction pursuant to the order dated 23.04.2025 and on being instructed, he conceded to the fact that on the face of the record there is apparent error crept in the computation sheet which form part of assessment order. 6.1. He further submitted that if the petitioner furnishes the relevant do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 28.07.2023 passed under Section 250 of the Income Tax Act, 1961 with respect to demand for the Assessment Year 2018-19 by the National Faceless Appeal Centre (NFAC). Perusal of said order, reveals that the appeal was allowed in favour of the Petitioner by taking cognizance of the fact that it has been granted exemption under Section 10(26AAB) of the Income Tax Act. In the said appellate order, it has been observed that the source of deposit in the bank is the market fee received from the Odisha State Civil Supplies Corporation Limited. Observing thus, the Appellate Authority found no merit in the addition made by the Assessing Officer under Sections 69 and 69A of the IT Act and, accordingly, deleted the additions. 10. Regard being had ..... X X X X Extracts X X X X X X X X Extracts X X X X
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