https://www.taxtmi.com/caselaws?id=438683 The Tribunal addressed two main issues. First, it confirmed the deletion of the addition made under section 69A for unexplained money during demonetization, as previously decided by the Commissioner of Income Tax (Appeals). The Tribunal found the Assessing Officer's invocation of section 115BB incorrect, rendering this issue infructuous. Second, regarding the treatment of Rs.9,92,664 as income from other sources, the Tribunal determined that the income, mainly grants from the West Bengal Government for a Cooperative Society's activities, qualified for deduction under section 80P. The Tribunal reversed the Commissioner of Income Tax (Appeals)'s decision, directing the Assessing Officer not to treat it as income from other sources. The appeal was partly allowed. en-us Tue, 09 May 2023 00:00:00 +0530 Wed, 31 Jan 2024 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438683 The Tribunal addressed two main issues. First, it confirmed the deletion of the addition made under section 69A for unexplained money during demonetization, as previously decided by the Commissioner of Income Tax (Appeals). The Tribunal found the Assessing Officer's invocation of section 115BB incorrect, rendering this issue infructuous. Second, regarding the treatment of Rs.9,92,664 as income from other sources, the Tribunal determined that the income, mainly grants from the West Bengal Government for a Cooperative Society's activities, qualified for deduction under section 80P. The Tribunal reversed the Commissioner of Income Tax (Appeals)'s decision, directing the Assessing Officer not to treat it as income from other sources. The appeal was partly allowed. Case-Laws Income Tax Tue, 09 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438683