9911796707
TMI Blog2019 (5) TMI 1548X X X X Extracts X X X X X X X X Extracts X X X X ..... ed deduction claimed under section 35(1)(ii) of the Income Tax Act, 1961 ["Act" in short]. 2. Brief facts of the case are that the assessee made a donation payment of Rs..25,00,000/- to M/s. Bharosha (Society for Welfare of Handicapped Persons, Durgapur, West Bengal and claimed weightage deduction of Rs..43,75,000/- for the assessment year 2011-12. During the course of assessment, the Assessing Officer noticed that the assessee took a loan of Rs..25,00,000/- from M/s. Megatrend Inc. vide Cheque No. 020716 dated 25.02.2011 [Account No. 449001010036430, Union Bank of India, Egmore Branch, Chennai] and the same cheque was deposited in account No. 2550101100128834 held in the name of M/s. Bharosha (Society for Welfare of the Handicapped Person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Tribunal is of the considered opinion that the matter needs to be re-examined. In view of the above directions, after obtaining and considering the verification report of investigation wing, considering the submissions of the assessee, the Assessing Officer completed the assessment under section 143(3) r.w.s. 254 of the Act by disallowing the weightage deduction under section 35(1)(ii) of the Act claimed by the assessee. On appeal, the ld. CIT(A) confirmed the assessment. 3. On being aggrieved, the assessee is in appeal before the Tribunal. When the appeal was taken up for hearing, none appeared on behalf of the assessee or any adjournment petition filed by the assessee despite noting the next date of hearing by making endorsement i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any other linked account in any other bank etc. ii. To verify the genuineness of the receipt no. C044/10-11 issued by the said trust M/s BHAROSHA (Society for Welfare of the Handicapped Persons) in favour of the assessee is genuine? iii. How this amount of Rs. 25,00,000/- was transferred from a/c number 2550101100128834 (Axis Bank) to actual account (any other bank) of the genuine trust M/s. Society for Welfare of the Handicapped Persons. To verify the modus operandi or procedures adopted to transfer the fund. (Please furnish the details of the trust's actual account.) iv. Whether any other such fund transfers have occurred between the Axis Bank account mentioned above, to the real account of the said trust and verify the relation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tely FIR was lodged in Durgapur P.S. on 05.07.2011 vide FIR No.262/11. Subsequently, the matter was taken up by state CID of West Bengal Govt and charge sheet has been filed in 2016. The Society has also filed a Writ Petition vide No. WP 8452 (W) of 2015 before the Hon'ble High Court of Kokata in this matter and the High Court in its interim order dated 09.01.2017 has directed the RBI to submit enquiry report in this regard. Financial Crime Management Department of Axis Bank is also asked to furnish and comply with all provision of law in this case. 4. It is reported that the matter is at present under the investigation of CVO, RBI, Mumbai and prima facie, it is gathered that some insiders of Axis Bank involved in this case has alread ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d from the Axis Bank account to the State Bank of India account of the society? I was under the impression that if KYC norms have not been complied with, the account is frozen. 3. The Axis bank account details provided, show the PAN of the account holder to be the same as that of the Society. In such circumstances, who has been operating the Axis bank account? Who opened the axis bank account in the name of the society? 4. Does your verification show that the money has flown back to me? I put you to strict proof to show the money has come back to me. 5. I would like to understand from you that all the directions of the Hon'ble Tribunal has been complied with by you." Against the objections of the assessee, the Assessing Officer o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount in Axis Bank. In this case, confirmation of receipt of donation by the donee is not available and moreover, assessee has not produced any evidence of the donation having received by the society so that the donor (assessee) can claim the weighted deduction under section 35(1)(ii) of the Act. From the efforts of the investigation wing of the Department, it reveals that bank A/c in Axis Bank, Kolkata does not belong to the real trust in Durgapur (i.e. Society for Welfare of Handicapped Persons, Durgapur) and the matter regarding the alleged payment of amounts into the said account is being investigated by various agencies including RBI & West Bengal State Police Department. Investigations have further revealed that the original trust at D ..... X X X X Extracts X X X X X X X X Extracts X X X X
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