ITAT deletes Section 68 addition for SBNs collected prior to Demonetization

Prathamika Krushi Pattina Vs ITO (ITAT Bangalore) In the instant case, there is no dispute with regard to the fact that sources for making deposit of Rs.36.36 lakhs by the assessee whoo is a primary agricultural credit co-operative society into its bank account are the money collected from its members. The AO is also not doubting that all the SBNs have been collected by the assessee from its members. Accordingly, following the above said decision, ITAT hold that the addition made u/s 68 of the Act is not justified. The Ld A.R also submitted that the SBNs have been collected by the assessee pri...