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ITAT dismissed Revenue's appeal challenging CIT(A)'s deletions across multiple grounds. Regarding Section 68 additions on current liabilities and loans/advances, ITAT held these represented bona fide deposits and core cooperative society operations, not unexplained credits, following precedent from assessee's own case for AY 2018-19. Personal expenditure and Section 40A(7) disallowances were confirmed as deleted since amounts were already disallowed in computation, making AO's additions duplicative. Section 80P(2)(a)(i) deduction denial was reversed as interest income from cooperative banks qualified under Section 80P(2)(d) per established precedents. CIT(A)'s consideration of explanations from existing financial records did not violate Rule 46A, as no new documentary evidence was introduced and first appellate authority possesses broad inquiry powers under Section 250(4).
ITAT dismissed Revenue's appeal challenging CIT(A)'s deletions across multiple grounds. Regarding Section 68 additions on current liabilities and loans/advances, ITAT held these represented bona fide deposits and core cooperative society operations, not unexplained credits, following precedent from assessee's own case for AY 2018-19. Personal expenditure and Section 40A(7) disallowances were confirmed as deleted since amounts were already disallowed in computation, making AO's additions duplicative. Section 80P(2)(a)(i) deduction denial was reversed as interest income from cooperative banks qualified under Section 80P(2)(d) per established precedents. CIT(A)'s consideration of explanations from existing financial records did not violate Rule 46A, as no new documentary evidence was introduced and first appellate authority possesses broad inquiry powers under Section 250(4).
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