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ITAT upheld the CIT(A)'s decision, allowing deductions under sections 80P(2)(c) and 80P(2)(d) for a cooperative society. The tribunal confirmed the legitimacy of commission income from MSEDCL bill collection and locker rent charges, finding the expenses directly attributable to income and verified through independent audit. Regarding cash deposits during demonetization, ITAT validated the society's documentation, correlating bank statements with MSEDCL collection reports and government circulars. The tribunal found no intentional misstatement and accepted the society's evidence of legitimate cash transactions. Ultimately, the decision was rendered in favor of the assessee, rejecting the revenue's contentions.
ITAT upheld the CIT(A)'s decision, allowing deductions under sections 80P(2)(c) and 80P(2)(d) for a cooperative society. The tribunal confirmed the legitimacy of commission income from MSEDCL bill collection and locker rent charges, finding the expenses directly attributable to income and verified through independent audit. Regarding cash deposits during demonetization, ITAT validated the society's documentation, correlating bank statements with MSEDCL collection reports and government circulars. The tribunal found no intentional misstatement and accepted the society's evidence of legitimate cash transactions. Ultimately, the decision was rendered in favor of the assessee, rejecting the revenue's contentions.
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