Linking RBI notification violation to Section 68 unjustified as nature & source explained: ITAT Ahmedabad

ITO Vs Shivoham Sagar Co-op. Credit Society Ltd (ITAT Ahmedabad)

ITAT Ahmedabad held that there is no basis for linking assessee’s alleged violation of RBI notification dated 8^th November 2016 to section 68 of the Income Tax Act, when the nature and source is explained.

Facts- The assessee is a registered Co­operative Society under the Gujarat Co-operative Societies Act. AO observed that the assessee has claimed deduction u/s.80P relating to interest from Nationalized Banks. Therefore, he disallowed the deduction to the extent of Rs.4,79,001/-

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