ITAT Bangalore: Co-op SBN deposits not per se unexplained; Sec 68 remanded

Jadeya Shankarling Urbank Co-op. Credit Society Ltd. Vs ITO (ITAT Bangalore) ITAT Bangalore holds demonetisation cash deposits by co-op society not per se unexplained; remands Sec. 68 addition for verification In this case, the Bangalore ITAT dealt with addition u/s 68 relating to cash deposits of ₹13.69 lakh in demonetised notes (SBNs) made by a co-operative credit society during the demonetisation period. The AO treated the deposits as unexplained on the ground that the assessee was not authorised to accept SBNs, and therefore such receipts were illegal and had no evidentiary value. The as...