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Bangalore ITAT Rules SBN Deposits Received Before 31.12.2016 Are Not Unexplained Cash Credits
Case Law Details
- Case Name
- The SomavamshaSahasrarjuna 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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The SomavamshaSahasrarjuna Vs ITO (ITAT Bangalore)
Demonetisation Deposits in Co-operative Society: Bangalore ITAT Says SBN Receipts Before 31.12.2016 Cannot Be Treated as Unexplained Cash Credits Merely Because They Ceased to Be Legal Tender
The Bangalore ITAT granted relief to a co-operative credit society by holding that acceptance of Specified Bank Notes (SBNs) from members during the demonetisation period cannot automatically result in an addition under section 68 merely because the notes ceased to be legal tender after 08.11.2016.
The assessee, a co-operative society engaged in accepting...
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