ITAT Sets Aside CIT(A) Order on Cash Deposits, Directs Fresh Review with AO Input

ITO Vs Kochin Co-Operative Society Ltd. (ITAT Cochin) In a recent judgment, the Income Tax Appellate Tribunal (ITAT) Cochin bench addressed appeals filed by the Revenue concerning the assessment years 2013-14 and 2014-15 against the Kochin Co-operative Society Ltd. The crux of the case pertained to unexplained cash deposits amounting to Rs. 2.39 crores, which had not been reported through an income tax return under section 139(1) of the Income Tax Act, 1961. The society had also failed to comply with notices issued under section 148, leading the Assessing Officer (AO) to make a best judgment a...