Siliguri College, Siliguri V. ITO, Ward-1(3), Siliguri

ITA 489/KOL/2024

• Counselvise Citation: [2024] 101 COUNSELVISE.COM (IT) 5686 (ITAT-KOLKATA)
• Duration Of Justice: 4 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-07-2024
• Appeal Filed By: Assessee
• Order Result: PartlyAllowed
• Bench Allotted: A
• Next Hearing Date: 08-07-2024
• Assessment Year: 2018-2019
• Appeal Filed On: 10-03-2024
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 147; 144; 250; 69A

Judgement Text

आयकर अपीलीय अधिकरण कोलकाता 'ए' पीठ, कोलकाता म ें IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA श्री राजपाल यादव, उपाध्यक्ष (कोलकाता क्ष े त्र) एवं श्री संजय अवस्थी, ल े खा सदस्य क े समक्ष Before SRI RAJPAL YADAV, VICE-PRESIDENT & SRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No.: 489/KOL/2024 Assessment Year: 2018-19 Siliguri College.......................................................................Appellant [PAN: AAGAS 9800 D] Vs. ITO, Ward-1(3), Siliguri.........................................................Respondent Appearances: Assessee represented by: Siddharth Agarwal, Adv. Department represented by: B.K. Singh, Addl. CIT. Date of concluding the hearing : July 9 th , 2024 Date of pronouncing the order : July 23 rd , 2024 ORDER Per Sanjay Awasthi, Accountant Member: In this case, the Assessing Officer (hereinafter referred to as ld. 'AO') had information from the insight portal under non-filing of return category that the assessee had made financial transactions amounting to Rs. 1,21,14,975/-during the FY 2017-18. Admittedly no return of income was filed for the said assessment year. The ld. AO has recorded that as many as seven opportunities were given to statutory notices but the same were not availed of by the AO. Accordingly, he proceeded to make additions as under: a) Variation in respect of cash/credit in bank of Rs. 60,56,590/-. I.T.A. No.: 489/KOL/2024 Assessment Year: 2018-19 Siliguri College. Page 2 of 3 b) Variation in respect of interest income of Rs. 48,95,014/-. Accordingly, the total income was determined at Rs. 1,09,51,604/-. 1.1. This assessment was completed u/s 147 of the Income Tax Act, 1961 (in short the 'Act') read with section 144 read with section 144P of Act. Aggrieved with this action of ld. AO the appellant approached the ld. CIT(A) with an application for condoning the delay of 96 days in filing of the appeal. After condoning the said delay, the ld. CIT(A) afforded several opportunities, as many as five times, but was not successful in eliciting any response therein. Thereafter, the ld. CIT(A) proceeded to dismiss the appeal after holding that findings of ld. AO were justified. 1.2. Aggrieved with this action, the appellant has approached the ITAT through as many as six grounds of appeal as under: “1. That the Ld. CIT (Appeals) erred on law as well as facts while passing the order u/s 250 of the Income Tax Act, 1961. 2. That the Ld. CIT (Appeals) erred in confirming Rs. 60,56,590/- as unexplained money u/s 69A r.w.s. 115BBE of the Act. 3. That the Ld. CIT (Appeals) erred in confirming Rs. 48,95,014/- as interest income received from bank as income from other sources. 4. That the Ld. CIT (Appeals) erred while confirming the view that the deposit in bank account amounting Rs. 60,56,590/- and the total interest income of Rs. 48,95,014/- aggregating to Rs. 1,09,51,604/- as the income of the appellant as income without considering the fact the appellant is running a government aided college and that total receipts cannot be treated as income, the expenses have also been made towards running of the college from the bank account. 5. That as the additions confirmed by Ld. CIT (Appeals) is bad in law, unlawful, untenable and unjustified, the same should be deleted and your appellant be given such reliefs) as prayed for. 6. That the appellant craves your Ld. Permission to add, amend and modify the above on or before the date of hearing of the appeal.” 1.3. During the course of proceedings, the ld. A/R stressed on the fact that had the appellant been in a position to avail of the opportunities given by the authorities below then he would have explained the transactions which appeared to be suspicious, but are actually worthy of valid explanations. I.T.A. No.: 489/KOL/2024 Assessment Year: 2018-19 Siliguri College. Page 3 of 3 2. The ld. D/R relied on the orders of the authorities below. 3. We have carefully considered the submissions and it is felt that in the interest of substantive justice the appellant deserves another chance to appear before the ld. CIT(A) and present his case with any evidence that he may have in possession to justify the impugned transactions. This matter is accordingly remanded back to the file of CIT(A) for adjudication. 4. In the result this appeal filed by the assessee is partly allowed. Order pronounced in the open Court on 23 rd July, 2024. Sd/- Sd/- [Rajpal Yadav] [Sanjay Awasthi] Vice President Accountant Member Dated: 23.07.2024 Bidhan (P.S.) Copy of the order forwarded to: 1. Siliguri College, Main Block College Para, Siliguri, Darjeeling, West Bengal, 734001. 2. ITO, Ward-1(3), Siliguri. 3. CIT(A)-NFAC, Delhi. 4. CIT- 5. CIT(DR), Kolkata Benches, Kolkata. //True copy // By order Assistant Registrar ITAT, Kolkata Benches Kolkata