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Deposits Wrongly Clubbed with Share Capital – Tribunal Quashes NFAC Order
Case Law Details
- Case Name
- Keezhuparamba Service Co-operative Bank Ltd. Vs Assessment Unit (ITAT Cochin)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-2021
- Courts
- All ITAT, ITAT Cochin
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Keezhuparamba Service Co-operative Bank Ltd. Vs Assessment Unit (ITAT Cochin)
Assessee, a primary agricultural co-operative society registered under the Kerala Co-operative Societies Act, filed revised return of income for AY 2022-23 declaring Nil income after claiming deduction u/s 80P on entire income. Case was selected for scrutiny to verify genuineness of deposits & share capital. AO observed a differential increase of ₹35.05 crore in share capital, treating it as unexplained cash credit u/s 68 & passed order u/s 143(3) r.w.s. 144B on 22.03.2024. CIT(A)/NFAC confirmed the additio...
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