https://www.taxtmi.com/caselaws?id=784450 Whether bank deposits and time deposits could be treated as unexplained money under s. 69A and assessed as income without allowing s. 80P deduction was the dominant issue. The ITAT held that mere deposits into a co-operative society's bank account cannot, without proper basis, be equated with taxable income under s. 69A, particularly when the income and expenditure account reflected an overall loss. It further held that filing of a return is not a precondition for claiming deduction under s. 80P. Applying co-ordinate bench precedent, the addition of the entire deposits as income, as confirmed by the first appellate authority, was deleted and the appeal was allowed. en-us Thu, 18 Dec 2025 00:00:00 +0530 Mon, 05 Jan 2026 12:04:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784450 Whether bank deposits and time deposits could be treated as unexplained money under s. 69A and assessed as income without allowing s. 80P deduction was the dominant issue. The ITAT held that mere deposits into a co-operative society's bank account cannot, without proper basis, be equated with taxable income under s. 69A, particularly when the income and expenditure account reflected an overall loss. It further held that filing of a return is not a precondition for claiming deduction under s. 80P. Applying co-ordinate bench precedent, the addition of the entire deposits as income, as confirmed by the first appellate authority, was deleted and the appeal was allowed. Case-Laws Income Tax Thu, 18 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784450