2023 (3) TMI 1502

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....I.T. Act, 1961. The Revenue has raised the following grounds of appeal: "1. Whether on the facts and in circumstances of the case, the Ld.CIT(A) is justified in deleting the addition of Rs. 1,21,99,435/- made by the Assessing Officer on account of cash deposited in saving bank account during the demonetization period treating it as unexplained cash credit under section 68, read with section 115BBE of the Income Tax Act, 1961 relying on the decision of the Hon'ble ITAT Bench Bengaluru in the case of Sri Bhageeratha Pattina Sahakara Sangha Niyamitha in ITA No. 646/Bang/2021. 2. The order of the CIT(A) may be vacated and that of the Assessing Officer may be restored. 3. The assessee craves leave to add, amend, alter ....

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....e ld. Departmental Representative (ld.DR) for the Revenue relied on the orders of the Assessing Officer. Findings and Analysis: 4. We have heard both the parties and perused the records. It is observed that assessee is a Co-operative Credit Society engaged in the business of providing credit facilities and accepting deposits from its members. It is registered under section 9 of the Maharashtra Cooperative Societies Act. The Assessing Officer(AO) in the assessment order observed that assessee has deposited Rs. 1,21,99,435/- in the form of banned currency notes during demonetization period. These deposits were accepted by the assessee after 08.11.2016. The assessee provided detailed list of customers from whom such banned currency notes....