Chauli Sighapur Samabay Krishi Unnayan Samity Ltd. vs. ACIT, Circle-38, Midnapore

Parties Involved

Facts Summary

The assessee, Chauli Sighapur Samabay Krishi Unnayan Samity Ltd., is a Primary Agricultural Co-operative Society registered under the West Bengal Co-operative Society Act, 2006. It carries on business activities such as sales of fertilizers, pesticides, seeds, and providing loans to members. For the assessment year 2017-18, the assessee filed its Income Tax Return disclosing a total income of Rs NIL. The case was selected for scrutiny under CASS, and a notice under section 143(2) of the Income-tax Act, 1961, was issued. The Assessing Officer completed the assessment under section 143(3) by denying a deduction of Rs.29,43,810/- under section 80P(2) and adding back cash deposited amounting to Rs.24,86,110/- out of total cash deposited of Rs.2,10,09,000/- during the demonetization period (09-11-2016 to 30-12-2016) as unexplained money under section 69A. Aggrieved by this order, the assessee filed an appeal before the CIT(A), which was partly allowed. The assessee then filed this appeal before the Tribunal.…

Legal Issues

• 1. Denial of deduction under section 80P(2) of Rs.29,43,810/-
• 2. Addition of cash deposited during demonetization under section 69A amounting to Rs.24,86,110/-

Judgment Outcome

Decided in favour of Assessee.

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