KEMPEGOWDA CREDIT CO-OPERATIVE SOCIETY LIMITED,BANGALORE vs. ITO, WARD 4(3)(3), BANGALORE

ITA 442/BANG/2026Status: DisposedITAT Bangalore28 August 2026AY 2015-201613 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal restored the matter to the Assessing Officer, directing the assessee to provide evidence for the cash deposits. The penalty proceedings were also set aside and restored to the Assessing Officer.

What were the facts?

The assessee, a cooperative society, faced reassessment and penalty proceedings due to cash deposits in its bank accounts. The assessee argued that these deposits represented repayments from members and were recorded in its books, but it failed to effectively present its case due to issues with its Chief Executive Officer.

What were the issues?

Whether cash deposits in a cooperative society's bank accounts can be treated as unexplained money under Section 69A, and if penalty under Section 271(1)(c) is leviable when the assessment is contested.

Which sections of the Income-tax Act were involved?

Section 147,Section 144,Section 69A,Section 271(1)(c),Section 115BBE,Section 80P

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BANGALORE BENCHES, BANGALORE

Before: SHRI PRASHANT MAHARISHI & SHRI SANDEEP SINGH KARHAIL

PER BENCH: -

1.

This is the bunch of 8 appeals of the assessee involving similar issues and are disposed of by this common order.

2.

The assessee has filed ITA No. 963/Bang/2026 against the assessment proceedings and ITA No. 442/Bang/2026 against the penalty proceedings for the assessment year 2015-16. I

The order continues below.

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