RTGS Sale Proceeds via Credit Society Not Unexplained Money

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 ...