Demonetization Deposits from Society Members Not Unexplained Income: ITAT Chandigarh

Chauntra Service Co-operative Society Limited Vs ITO (ITAT Chandigarh)  The Income Tax Appellate Tribunal (ITAT) Chandigarh heard an appeal by Chauntra Service Co-operative Society Limited against the Commissioner of Income Tax (Appeals) order for the assessment year 2017-18. The Assessing Officer had added Rs. 12,00,000 to the assessee’s income on account of cash deposited during the demonetization period, alleging it as unexplained income. The CIT(A) had upheld this addition and also sustained another addition of Rs. 4,14,248 relating to balance sheet provisions, which the assessee did no...