The Rasulpur Cooperative Agriculture Service Society Ltd. Vs The ITO, Ward-1, Moga

Parties Involved

Facts Summary

The case was reopened under section 147 of the Income-tax Act, 1961 on the basis of information regarding cash deposits of Rs.96,96,000/- made by the assessee in its bank account during the period from 10.11.2016 to 13.11.2016, immediately after the announcement of demonetisation. The assessee explained that it had received cash from its members towards STA/STNA loan repayment and deposits in their savings accounts. The Assessing Officer was not satisfied with the explanation and treated the cash deposit as unexplained money under section 69A of the Act. The learned CIT(A) accepted the explanation and directed the Assessing Officer to delete the addition of Rs.96,96,000/- made under section 69A.…

Legal Issues

• 1. Whether the cash deposited by the assessee during the demonetisation period represented unexplained money within the meaning of section 69A or whether the assessee had satisfactorily established the source thereof.

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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