https://www.taxtmi.com/caselaws?id=466911 The text addresses two tax issues: whether bank deposits alleged to be members' receipts can be treated as unexplained cash credits under Section 68 and whether a cooperative society's deduction under Section 80P is allowable where the return was filed after notice under Section 148 in light of Section 80AC(ii). It explains that credible member-wise books and supporting records ordinarily rebut mechanical invocation of Section 68 but the Assessing Officer may conduct limited verification; conversely the amended provision precludes the Section 80P deduction where its statutory conditions are not satisfied, so the disallowance is restored. en-us Mon, 24 Feb 2025 00:00:00 +0530 Thu, 26 Feb 2026 03:24:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466911 The text addresses two tax issues: whether bank deposits alleged to be members' receipts can be treated as unexplained cash credits under Section 68 and whether a cooperative society's deduction under Section 80P is allowable where the return was filed after notice under Section 148 in light of Section 80AC(ii). It explains that credible member-wise books and supporting records ordinarily rebut mechanical invocation of Section 68 but the Assessing Officer may conduct limited verification; conversely the amended provision precludes the Section 80P deduction where its statutory conditions are not satisfied, so the disallowance is restored. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466911