ITAT Delhi Deleted Sec 68 Additions in Case of Thrift Society; Member Deposits & Cash Collections Held Explained

Narayana Guru Cooperative Vs ITO (ITAT Delhi) In Sree Narayana Guru Cooperative & Credit Society Ltd., the ITAT Delhi allowed the assessee’s appeal and deleted additions of ₹4.67 crore made u/s 68 towards alleged unexplained term deposits and cash deposits. The Tribunal observed that the society was a mutual thrift & credit cooperative accepting deposits only from its own members and granting loans to members, and detailed member-wise records, cash book and financial statements had already been furnished. The ITAT noted that the AO wrongly treated the closing deposit liability as u...