https://www.taxtmi.com/caselaws?id=360927 The court upheld the revision of self-assessment by the assessing officer, resulting in a substantial increase in taxable income and a demand of Rs. 17,76,92,090 for the petitioner, a primary agricultural credit cooperative society. The disallowance of exemption claimed under Section 80P(2)(a)(i) and (d) of the Act was upheld. The court found the unexplained cash credits taxable under Section 68 of the Act, rejecting the petitioner's argument for exemption under Section 80P. The court modified the stay condition, reducing the payment to 20% of the demand in monthly installments, emphasizing the need to expedite the appeal process. en-us Tue, 22 May 2018 00:00:00 +0530 Fri, 25 May 2018 09:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360927 The court upheld the revision of self-assessment by the assessing officer, resulting in a substantial increase in taxable income and a demand of Rs. 17,76,92,090 for the petitioner, a primary agricultural credit cooperative society. The disallowance of exemption claimed under Section 80P(2)(a)(i) and (d) of the Act was upheld. The court found the unexplained cash credits taxable under Section 68 of the Act, rejecting the petitioner's argument for exemption under Section 80P. The court modified the stay condition, reducing the payment to 20% of the demand in monthly installments, emphasizing the need to expedite the appeal process. Case-Laws Income Tax Tue, 22 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360927