Section 80P Deduction Not Available for Section 68 Unexplained Cash Credits

Advertisement Peeroorkada Service Co-op. Bank Ltd Vs ITO (ITAT Cochin) Income Tax Appellate Tribunal (ITAT), Cochin Bench, has dismissed appeals filed by Peeroorkada Service Co-operative Bank Ltd., upholding the tax authorities’ decision to add unexplained cash deposits to the bank’s income under Section 68 of the Income Tax Act, 1961. The Tribunal ruled that the co-operative society failed to discharge its onus of proving the identity, creditworthiness, and genuineness of the depositors, and that such additions do not automatically qualify for deduction under Section 80P of the...