Sridharpur Co-Operative Bank Vs. ITO, Ward-3(2), Burdwan
Case No: 672/KOL/2024
Court: INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘C’ BENCH, KOLKATA
Date: 11/20/2025
Parties Involved
appellantSridharpur Co-Operative Bank
respondentITO, Ward-3(2), Burdwan
Facts Summary
The assessee, Sridharpur Co-Operative Bank, is a Primary Agricultural Co-operative Credit Society (PACCS) registered under the West Bengal Co-operative Societies Act. It is engaged in accepting deposits and providing credit facilities. During the demonetization period from 09.11.2016 to 14.11.2016, the assessee accepted Specified Bank Notes (SBNs) worth ₹10,07,14,500/- from its members and depositors. The assessee submitted details of all depositors who had deposited SBNs during this period. The…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of ₹10,07,14,500/- as unexplained income under section 68 of the Income Tax Act, 1961, is justified.
Precedents Relied Upon
5 precedents cited in this judgement.