Ras Co-operative Group Housing Society Ltd. vs Income Tax Officer, Ward -59(2)

This assessee’s appeal for Assessment Year 2012-13 arises against the C IT(A)/NFAC, De lhi’ s DIN & order No. ITBA/NFAC/S/250/2025-26/1083399002(1) dated 08.12.2025, in proceedings u/s 143(3) r.w.s. 147 of the Income Tax Act, 1961 (in short “ the Act”).

Heard both the p arties at length. Case file perused.

It is noticed at the outset during the co urse of hearing that the le arned Assessing Officer in the assessee’s case had recorded his reasons to believe that the assessee’s taxable income representing it’s cash deposits of Rs.56,48,224/- liable to be assessed had escaped assessment on 27.03.2015. This cash deposited at the assessee’s behest in the relevant previous year admittedly comes to Rs.14,12,056/- out of which the learned asse ssing authority has himse lf tre ated it to have explained so urce to the tune of Rs.13,86,056/- as well at page 2 of the assessment order dated 28.11.2019. The remaining cash deposits admittedly came to be made at the assessee’s behest in the succeeding twin assessment years 2013-14 and 2014-15 going by it’s bank recor ds.

Faced with this situation, I hereby restrict the impugned additio n only qua the cash de posits made in the re levant previous year amounting to Rs.14,12,056/-; as r educed by the explained amount of Rs.13,86,056/- than that of Rs.42,62,168/- made in both the lower proceedings. Necessary computat ion shall fo llow as per law.

This assessee’s appeal is partly allowed.