Section 68 Addition Quashed for Co-op Society Deposits During Demonetization

ITO Vs CD Patani Nagri Sahkari Pat Sanstha (ITAT Pune) The case ITO Vs CD Patani Nagri Sahkari Pat Sanstha concerns an appeal by the Income Tax Department against the order of the Commissioner of Income Tax (Appeals) [CIT(A)]. The appeal challenged the CIT(A)’s decision to delete an addition of Rs. 1,21,99,435 made by the Assessing Officer (AO). This amount was deposited in the assessee’s bank account during the demonetization period, and the AO had treated it as an “unexplained cash credit” under Section 68 of the Income Tax Act, 1961, read with Section 115BBE. The ...