Cash Deposits Representing Members’ Daily Savings; ITAT Upholds Deletion of Addition u/s 69A

ITO Vs Kshetra Bhimashankar Gramin Bigar Sheti Sahakari Patsanstha Maryadit (ITAT Pune)

Cash Deposits Representing Members’ Daily Savings – ITAT Pune Upholds Deletion of Addition u/s 69A

Assessee, a cooperative credit society, had not filed return for AY 2018-19. AO, based on Insight portal info, noticed cash deposits of ₹1,00,43,800/- & withdrawals of ₹6,05,000/-. Since there was no compliance, AO framed ex parte assessment u/s 144 & assessed income at ₹1,06,48,800/- by treating deposits & withdrawals as unexplained money u/s 69A.

Before CIT(A),

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