https://www.taxtmi.com/caselaws?id=456922 ITAT Mumbai allowed the appeal of a registered cooperative credit society. The tribunal held that cash deposited during demonetization belonged to members, not the society acting as custodian, making addition under section 69A improper. The AO wrongly treated member deposits as undisclosed income despite the society providing member details and PAN numbers. Regarding section 80P(2)(a)(i) deduction denial, the tribunal ruled that section 80AC restrictions on timely return filing apply only from AY 2018-19 onwards, not AY 2017-18. The society was entitled to the deduction as no other Revenue objections existed. en-us Mon, 05 Sep 2022 00:00:00 +0530 Mon, 26 Aug 2024 15:56:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456922 ITAT Mumbai allowed the appeal of a registered cooperative credit society. The tribunal held that cash deposited during demonetization belonged to members, not the society acting as custodian, making addition under section 69A improper. The AO wrongly treated member deposits as undisclosed income despite the society providing member details and PAN numbers. Regarding section 80P(2)(a)(i) deduction denial, the tribunal ruled that section 80AC restrictions on timely return filing apply only from AY 2018-19 onwards, not AY 2017-18. The society was entitled to the deduction as no other Revenue objections existed. Case-Laws Income Tax Mon, 05 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456922