ITAT Condoned Delay, Restores ₹4.63 Cr Cash Deposit Case for Fresh Hearing

Primary Agricultural Credit Co-operative Society Ltd Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT) in Bangalore has set aside the assessment and appellate orders against the Primary Agricultural Credit Co-operative Society Ltd. (PACCS) for the assessment year 2018-19, restoring the matter to the Assessing Officer (AO) for fresh adjudication. The case involved a significant cash deposit of ₹4.63 crore by the society, which the Income Tax Department had treated as unexplained money under Section 69A of the Income Tax Act, 1961. The society, located in a rural village in Ch...