This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-40, Delhi, Dated 23.08.2019, for the A.Y. 2011-2012, challenging the Order of the Ld. CIT(A) in wrongly interpreting the provisions of Section 10(23C)(v) of the I.T. Act, 1961.
We have heard the Learned Representatives of both the parties through video conferencing and perused the Orders of the authorities below.
The facts of the case are that as per Individual Transaction Statement, information in this case was received that assessee has received interest other than interest on securities under section 194A of Rs.41,344/- and rent under section 194I of Rs.4,75,200/- during assessment year under appeal. It was also observed that the assessee has not filed income tax return for the assessment year under appeal. The A.O. called for explanation of assessee. The assessee stated that it has not filed its return of income for the assessment year under appeal. The A.O. noted that assessee has not filed return of income and huge cash was deposited in its bank account. The A.O, therefore, initiated the re-assessment proceedings under section 147 of the I.T. Act, 1961 and after getting approval, issued notice under section 148 of the I.T. Act, 1961, which were duly served upon the assessee. The assessee in response to the notice under section 148, submitted return of income
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