INCOME TAX OFFICER, WARD-1, MOGA, MOGA vs. THE RASULPUR COOPERATIVE AGRICULTURE SERVICE SOCIETY LTD., RASULPUR

ITA 453/ASR/2024Status: HeardITAT Amritsar10 September 2026AY 2017-188 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee had provided a satisfactory explanation for the cash deposits by furnishing details of its members and maintaining separate ledgers. The Revenue failed to provide evidence to disprove the genuineness of these receipts.

What were the facts?

The assessee, a cooperative agricultural service society, deposited Rs. 96,96,000 in cash into its bank account shortly after demonetisation. The assessee explained that this amount represented repayments and deposits from its members.

What were the issues?

Whether the cash deposits made by the assessee during the demonetisation period were unexplained money, and if the enhanced tax rate under Section 115BBE was applicable.

Which sections of the Income-tax Act were involved?

Section 69A,Section 115BBE

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DIVISION BENCH, AMRITSAR

Before: SHRI LALIET KUMAR & SHRI MANOJ KUMAR AGGARWAL

For Appellant: Shri Tej Mohan Singh, Advocate
Hearing: 08.09.2026Pronounced: 10.09.2026

PER LALIET KUMAR, JM This appeal is directed against the order of the learned Commissioner of Income-tax (Appeals), National Faceless Appeal Centre, Delhi, dated 19.06.2024, for assessment year 2017-18. 2. The assessee is a co-operative agricultural service society. The case was reopened under section 147 of the Income-tax Act, 1961 on ITA-453/ASR/2024 A.Y. 2017-18 2 the basis of information regarding cash deposits of Rs.96,96,000/- made by the assessee in its bank account during the period from 10.11.2016 to 13.11.2016, immediately after the announcement of demo

The order continues below.

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