Old Currency Deposits From Identified Members Not Section 69A Unexplained Money: ITAT Bengaluru

The Karnataka Cooperative Credit Society Ltd. Vs ITO (ITAT Bangalore) Cash Deposits by Co-operative Society Members Cannot Be Taxed u/s 69A Merely for Receiving Old Currency Notes-Bengaluru ITAT Deletes Demonetisation Addition Bengaluru ITAT deleted the addition made under section 69A in the hands of a co-operative credit society in respect of cash deposited during the demonetisation period. The Assessing Officer had treated the entire cash deposit in old currency notes as unexplained money on the grounds that the society had not filed its return of income and was not authorised to receive spe...