2026 (1) TMI 589

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.... : Shri Raja Sengupta, CIT-DR ORDER PER BENCH : This is an appeal filed by the assessee against the order dated 30.03.2024, passed by the CIT(A), National Faceless Appeal Centre (NFAC), Delhi, passed in DIN & Order No.ITBA/NFAC/S/250/2023-24/1063680358(1), for the assessment year 2017-2018. 2. Shri N.C.Mondal, FCA appeared on behalf of the assessee and Shri Raja Sengupta, CIT-DR appear....

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....e submission that if the assessee had not collected the said amounts from its members, the amounts could have become bad debts. It was the submission that on account of business exigencies, the assessee had taken receipts as given by the members. It was the submission that the details of each member and the amounts and the notes as given by each of the members, were available and were produced bef....

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....redit Society Limited, passed in ITA No.1101/Kol/2023, order dated 18.11.2024. 6. We have considered the rival submissions. A perusal of the facts in the present facts clearly shows that the assessee has produced the details of the persons from whom the SBNs have been collected by the assessee. The assessee, admittedly, a primary cooperative society and is entitled to deduction u/s.80P of the A....

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....SBNs and has sought to treat the receipts as unexplained income of the assessee, which is a credit cooperative society. The repayments of the loans from the members are very much available in the accounts of the assessee. The amounts have come in cash book only. The source of all the deposits has also been explained by the assessee. The identity of the debtors is also very much available before th....