Assessee’s Status as Non-Specified Person Cannot Justify Section 69A Addition

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 recoveries and member cont...