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

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