https://www.taxtmi.com/caselaws?id=449071 ITAT Mumbai held that AO's addition under section 68 for unexplained cash credit in assessment under section 153A was unjustified. The assessee, a co-operative credit society, received money through normal business operations including loan repayments and member deposits, which were properly recorded in books. Despite KYC violations and non-compliance with RBI guidelines, the material found during search was not incriminating against the assessee but potentially against individual members. The tribunal concluded that KYC discrepancies cannot justify additions under the Income Tax Act, as such violations should be addressed by relevant authorities like RBI. Additions for assessment years 2012-13 to 2015-16 were deleted, deciding in favor of the assessee. en-us Wed, 31 Jan 2024 00:00:00 +0530 Mon, 05 Feb 2024 08:45:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449071 ITAT Mumbai held that AO's addition under section 68 for unexplained cash credit in assessment under section 153A was unjustified. The assessee, a co-operative credit society, received money through normal business operations including loan repayments and member deposits, which were properly recorded in books. Despite KYC violations and non-compliance with RBI guidelines, the material found during search was not incriminating against the assessee but potentially against individual members. The tribunal concluded that KYC discrepancies cannot justify additions under the Income Tax Act, as such violations should be addressed by relevant authorities like RBI. Additions for assessment years 2012-13 to 2015-16 were deleted, deciding in favor of the assessee. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449071