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RTGS Sale Proceeds via Credit Society Not Unexplained Money
Case Law Details
- Case Name
- Astoria Agro and Allied Industries Pvt. Ltd. Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Mumbai
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Astoria Agro and Allied Industries Pvt. Ltd. Vs DCIT (ITAT Mumbai)
RTGS Sale Receipts Routed via Credit Society Not Unexplained Money; ₹1.52 Cr Additions Deleted for Three Years
Pursuant to a search on a third-party cooperative credit society, the Assessing Officer reopened the assessee sugar manufacturer’s assessments and treated RTGS credits aggregating to ₹39.30 lakh (AY 2014-15), ₹72.25 lakh (AY 2015-16) and ₹40.34 lakh (AY 2016-17) as unexplained money under section 69A, alleging that the assessee was a beneficiary of accommodation entries routed through the credit society.
The ...
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