https://www.taxtmi.com/caselaws?id=448445 A co-operative society's deduction for income from member dealings is confined to receipts attributable to eligible regular members where transactions with associate or non-member dealings are also present; income from ineligible non-members does not qualify, and proportionate recomputation is required for the eligible portion. Section 68 cannot be invoked for cash deposits of specified bank notes where the assessee has furnished party-wise particulars, the nature and source of the collections, and the entries are recorded in the books; the mere fact of receiving such notes after demonetisation is not enough to treat the credits as unexplained. en-us Thu, 30 Nov 2023 00:00:00 +0530 Thu, 18 Jan 2024 15:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448445 A co-operative society's deduction for income from member dealings is confined to receipts attributable to eligible regular members where transactions with associate or non-member dealings are also present; income from ineligible non-members does not qualify, and proportionate recomputation is required for the eligible portion. Section 68 cannot be invoked for cash deposits of specified bank notes where the assessee has furnished party-wise particulars, the nature and source of the collections, and the entries are recorded in the books; the mere fact of receiving such notes after demonetisation is not enough to treat the credits as unexplained. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448445