ITAT Remand: Rs. 77 Lakh Demonetization Cash Addition in Co-op Society Case

Kulut Samabay Krishi Unnayan Samity Ltd. Vs ACIT (ITAT Kolkata) In a matter concerning the assessment year 2017-18, the Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has partially allowed an appeal filed by Kulut Samabay Krishi Unnayan Samity Ltd., a cooperative society. The Tribunal has remanded the central issue—an addition of Rs.77 lakh to the society’s income under Section 69A of the Income Tax Act, 1961, for unexplained cash deposits during the demonetization period—back to the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, for fresh ...