Centre of Studies in Social Sciences, Pune V. Income Tax Officer (Exemption), Ward-(1), Pune, Pune

ITA 451/PUN/2023

AI Insights

The case involves the Centre of Studies in Social Sciences, a Public Charitable Trust, which was assessed by the Income Tax Officer (Exemptions), Ward-1, Pune, for the assessment year 2012-13. The Trust had not filed a regular return of income but was later assessed after it was found to have made a deposit of Rs.8,26,756 with Saraswat Co-operative Bank Ltd., Pune, and received interest on it. The Assessing Officer treated the deposit as unexplained money under section 69A of the Income Tax Act, 1961, and added it as income under section 68. The National Faceless Appeal Centre (NFAC) upheld this decision, leading to the appeal before the Tribunal. The Tribunal, after reviewing the submissions and evidence, including bank statements, concluded that the deposits were not new but were merely renewed, and thus, the addition was not warranted.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 137635 (ITAT-PUNE)
• Duration Of Justice: 2 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-07-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 19-06-2023
• Assessment Year: 2012-2013
• Appeal Filed On: 17-04-2023
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 12AA; 69A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “SMC”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.451/PUN/2023 िनधाᭅरण वषᭅ / Assessment Year : 2012-13 Centre of Studies in Social Sciences, B-6, Kalabasant Society, 15 th Lane, Prabhat Road, Pune- 411004 PAN : AAATC2550R Vs. ITO (Exemptions), Ward-1, Pune. Appellant Respondent आदेश / ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee directed against the order of the National Faceless Appeal Centre, Delhi [‘NFAC’] dated 03.03.2023 for the assessment year 2012-13. 2. Briefly, the facts of the case are that the appellant is a Public Charitable Trust engaged in undertaking researches in Social Assessee by : Shri Kishor Phadke Revenue by : Shri Rajesh Gawali Date of hearing : 20.06.2023 Date of pronouncement : 05.07.2023 ITA No.451/PUN/2023 2 Sciences. The appellant trust was duly registered u/s 12AA of the Income Tax Act, 1961 (‘the Act’). No regular Return of Income was filed for the assessment year under consideration. However, on receipt of information that the assessee trust made a deposit of Rs.8,26,756/- with Saraswat Co-operative Bank Ltd., Pune and also received interest on such deposit of Rs.1,41,186/-, issued a notice u/s 148 on 29.03.2019. In response to the said notice, the appellant trust had filed the return of income disclosing Rs.Nil income. Against the said return of income, the assessment was completed by the Income Tax Officer (Exemptions) Ward-1, Pune (‘the Assessing Officer’) vide order dated 13.11.2019 bringing the deposits of Rs.8,26,756/- as unexplained money u/s 69A of the Act. 3. Being aggrieved by the above assessment order, an appeal was filed before the NFAC, who vide impugned order confirmed the action of the Assessing Officer by holding that no Form No.10B had been filed before the Assessing Authority. 4. Being aggrieved, the appellant is in appeal before this Tribunal in the present appeal. ITA No.451/PUN/2023 3 5. It is submitted before me that the appellant had not made any fresh deposits with Saraswat Co-operative Bank Ltd., Pune. The fixed deposits represent the opening deposits renewed during the year under consideration and no addition is called for. In support of this contention, he had filed the copy of certain bank statement issued by the Saraswat Co-operative Bank Ltd., Pune. 6. On the other hand, ld. Sr. DR placed reliance on the orders of the lower authorities. 7. I heard the rival submissions and perused the material on record. From the material placed on record, it would be clear that no fresh fixed deposits was made by the appellant trust and, accordingly, the question of addition on fixed deposits as unexplained money does not arise. Further, the Assessing Officer only made an addition u/s 68, it is not the question of exemption u/s 11 of the Act. Therefore, the findings of the NFAC that the appellant had not filed Form No.10B confirming the addition made u/s 68 is not correct in law. Therefore, I direct the Assessing Officer to delete the addition of Rs.8,26,756/- made u/s 68 of the ITA No.451/PUN/2023 4 Act. Thus, the grounds of appeal filed by the assessee stand allowed. 8. In the result, the appeal filed by the assessee stands allowed. Order pronounced on this 05 th day of July, 2023. Sd/- Sd/- (S. S. VISWANETHRA RAVI) (INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER पुणे / Pune; ᳰदनांक / Dated : 05 th July, 2023. Sujeet आदेश कᳱ ᮧितिलिप अᮕेिषत / Copy of the Order forwarded to : 1. अपीलाथᱮ / The Appellant. 2. ᮧ᭜यथᱮ / The Respondent. 3. The Pr. CIT concerned. 4. िवभागीय ᮧितिनिध, आयकर अपीलीय अिधकरण, “SMC” बᱶच, पुणे / DR, ITAT, “SMC” Bench, Pune. 5. गाडᭅ फ़ाइल / Guard File. आदेशानुसार / BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण, पुणे / ITAT, Pune.