Kerala Gazetted Officers Co-op. Society Ltd. vs. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, Kerala Gazetted Officers Co-op. Society Ltd., has appealed against the order of the Commissioner of Income Tax (Appeals) for the Assessment Year 2016-17. The assessee has raised several grounds for appeal, including the confirmation of business income, the disallowance of section 80P deduction, the addition of unexplained credits under section 68, and the rejection of additional evidence. The appeal was heard on 14.08.2024 and the order was pronounced on 25.09.2024.…

Legal Issues

• 1. Section 80P deduction/disallowance amounting to Rs.3,50,58,113/- representing assessee’s interest income received from Kerala State Co-operative Bank and Trivandrum District Co-operative Bank.
• 2. Section 68 unexplained cash credit addition of Rs.14,49,23,337/- made in both the lower proceedings.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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