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Assessee’s Status as Non-Specified Person Cannot Justify Section 69A Addition
Case Law Details
- Case Name
- Vikas Co-operative Credit Society Niyamith Tilavalli Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Bangalore
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Vikas Co-operative Credit Society Niyamith Tilavalli Vs ITO (ITAT Bangalore)
In the case of Vikas Co-operative Credit Society Niyamith Tilavalli Vs ITO, the ITAT Bangalore addressed an appeal from a co-operative society concerning an addition of ₹9,76,825 made under Section 69A of the Income Tax Act for the assessment year 2017-18. The Assessing Officer (AO) had argued that the society was not a specified person authorized to accept demonetized currency, thus treating the cash deposits as unexplained income. The society claimed these deposits were sourced from loan recoverie...
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