Loss-Making Co-operative Society Not Liable on Bank Deposits

Burdwan Satgachia Janakalyan Society Vs ITO (ITAT Kolkata) Entire Bank Deposits Can’t Be Taxed as Income: ITAT Kolkata Deletes ₹68.10 Lakh Addition in Co-op Society Case Kolkata ITAT ‘A’ Bench allowed the appeal of a co-operative society for AY 2012-13 and deleted the addition of ₹68.10 lakh made u/s 69A towards cash & time deposits in bank account. Tribunal held that the AO erred in treating entire deposits as unexplained income, especially when the society had incurred a loss of ₹4.26 lakh during the year. It was observed that merely because no return was originally filed, de...