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ITAT Delhi Deleted Sec 68 Additions in Case of Thrift Society; Member Deposits & Cash Collections Held Explained
Case Law Details
- Case Name
- Narayana Guru Cooperative Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Delhi
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Narayana Guru Cooperative Vs ITO (ITAT Delhi)
In Sree Narayana Guru Cooperative & Credit Society Ltd., the ITAT Delhi allowed the assessee’s appeal and deleted additions of ₹4.67 crore made u/s 68 towards alleged unexplained term deposits and cash deposits. The Tribunal observed that the society was a mutual thrift & credit cooperative accepting deposits only from its own members and granting loans to members, and detailed member-wise records, cash book and financial statements had already been furnished.
The ITAT noted that the AO wrongly treated the closing depos...
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