Unexplained cash credit U/s. 68 cannot be treated as business income & not eligible for Section 80P Deduction

ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin)

With regard to non granting of deduction u/s. 80P(2) of the Act, treating the unexplained credits as ‘income from other sources’, this issue was considered by the Jurisdictional High Court in the case of Kerala Sponge Iron Ltd., 79 taxmann.com/379 ITR 330 wherein ‘the income had been treated as unexp

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