RAILRAJ CREDIT CO OP SOCIETY LIMITED,RAJKOT vs. ITO, WARD-1(2)(4), RAJKOT, RAJKOT

ITA 167/RJT/2024Status: DisposedITAT Rajkot31 August 2026AY 2017-1811 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal found that the cash deposited in the bank account represented genuine transactions from members' savings accounts and loan repayments. The assessee, a credit co-operative society, provided evidence like ledger extracts and cash books to substantiate the source of funds. Therefore, the addition under Section 68 was not justified.

What were the facts?

The Revenue appealed against the deletion of an addition of Rs. 3,51,57,170/- made under Section 68 and the allowance of deduction under Section 80P. The addition was for cash deposits in the assessee's bank account, which the Assessing Officer deemed unexplained. The CIT(A) deleted the addition and allowed the deduction, following earlier years' orders.

What were the issues?

Whether the cash deposits in the bank account were genuine and adequately explained, and whether the assessee was eligible for deduction under Section 80P.

Which sections of the Income-tax Act were involved?

Section 68,Section 80P,Section 147,Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Rajkot Bench, Rajkot

Before: Dr. Arjun Lal Saini & Shri Sonjoy Sarma

For Appellant: Shri Mehul Ranpura, Ld. AR
For Respondent: Shri Ravinder Sindhu, Ld. CIT (DR) &
Hearing: 29/06/2026Pronounced: 31/08/2026

Per, D

The order continues below.

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