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Addition in Share Capital u/s 68 of the Income Tax Act, 1961

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Court :
ITAT Delhi

Brief :
This appeal by the assessee is directed against order dated 14/12/2017 passed by the Ld. Commissioner of Income-Tax.

Citation :
ITA No.5017/Del/2018

IN THE INCOME TAX APPELLATE TRIBUNAL,
DELHI BENCH: ‘E’ NEW DELHI
BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER
AND
SHRI O.P. KANT, ACCOUNTANT MEMBER
[Through Video Conferencing]
ITA No.5017/Del/2018
Assessment Year: 2014-15

Mahamedha Urban Cooperative,
Bank Ltd.
36, Nai Basti,
Ghaziabad
PAN No. AAAAM4437E

vs

DCIT
Circle-1
Ghaziabad

Appellant by Ms. Shruti Dang, Advocate
Respondent by Sh. Gaurav Pundir, Sr DR

Date of hearing 05.10.2021
Date of pronouncement 21.10.2021

ORDER

This appeal by the assessee is directed against order dated 14/12/2017 passed by the Ld. Commissioner of Income-Tax.

2. Briefly stated facts of the case are that assessee is a cooperative bank, registered under the Cooperative Society Act,
1965 and possesses a license for functioning as bank from the Reserve Bank of India (RBI). The assessee carried out activity of accepting deposits from the members/public, granting loans and bills/cheque discounting etc. For the year under consideration, the assessee filed return of income on 30/11/2014 declaring loss of Rs.25,75,330/-. The return of income filed by the assessee was selected for scrutiny and statutory notices under the Income-tax Act, 1961 (in short the Act) were issued and complied with. During the course of assessment proceeding, the Assessing Officer noticed that Reserve Bank of India had carried out inspection of the assessee bank for the financial year ending on 31/03/2012,
31/03/2013 and 31/03/2014. Based on the finding of the RBI regarding introduction of the paid-up share capital, regarding diversion of funds through bad loans and non genuiness of expenses, the Assessing Officer issued shows notice to the assessee asking to explain the discrepancies. The assessee in his reply denied of any discrepancies and submitted that the assessee has complied all the provisions of the Income-tax Act as well as RBI.

3. Before us, the parties appeared through videoconferencing facility. The written submission was filed on behalf of the
assessee through email. The learned Consul of the assessee submitted that the liquidator has been appointed by the appropriate authority on 31/08/2017 and the assessee society is under liquidation process. The learned Counsel informed that she has been appointed by the liquidator.

4. In the result, the appeal of the assessee is dismissed.
Order pronounced in the open court on 21.10.2021.

Please find attached the enclosed file for the full judgement.
 

 

Poojitha Raam
on 23 November 2021
Published in Income Tax
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