https://www.taxtmi.com/caselaws?id=773715 ITAT Ahmedabad dismissed Revenue's appeal against cooperative society. CIT(A) correctly deleted additions under section 68 for current liabilities and loan advances, finding them genuine business transactions inherent to cooperative's deposit-lending operations. Personal expenditure and section 40A(7) disallowances were duplicative as amounts were already disallowed in return computation. Section 80P(2)(a)(i) deduction was properly allowed for interest income from members. CIT(A) did not violate Rule 46A as explanations were based on existing financial records available to AO. All Revenue grounds dismissed. en-us Thu, 22 May 2025 00:00:00 +0530 Fri, 27 Jun 2025 08:36:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773715 ITAT Ahmedabad dismissed Revenue's appeal against cooperative society. CIT(A) correctly deleted additions under section 68 for current liabilities and loan advances, finding them genuine business transactions inherent to cooperative's deposit-lending operations. Personal expenditure and section 40A(7) disallowances were duplicative as amounts were already disallowed in return computation. Section 80P(2)(a)(i) deduction was properly allowed for interest income from members. CIT(A) did not violate Rule 46A as explanations were based on existing financial records available to AO. All Revenue grounds dismissed. Case-Laws Income Tax Thu, 22 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773715