No Tax on Cash Deposits from Verified Members During Demonetization: ITAT Pune

ITO Vs Ambika Gramin Bigarsheti Sahakari Patsanstha (ITAT Pune) The case of ITO v. Ambika Gramin Bigarsheti Sahakari Patsanstha came before the Income Tax Appellate Tribunal (ITAT), Pune, to address an appeal filed by the Income Tax Officer (ITO) against an order from the National Faceless Appeal Centre (NFAC). The dispute centered on a cash deposit of ₹1,20,45,000 made by the assessee, a credit cooperative society, during the demonetization period of November 2016. The Assessing Officer (AO) had treated this amount as an “unexplained cash credit” under Section 68 of the Income...