{"id":44804,"date":"2024-08-01T11:10:42","date_gmt":"2024-08-01T05:40:42","guid":{"rendered":"https:\/\/itatonline.org\/digest\/merchants-credit-co-operative-society-ltd-v-ito-2023106-itr-80-sn-bang-trib\/"},"modified":"2024-08-01T11:10:42","modified_gmt":"2024-08-01T05:40:42","slug":"merchants-credit-co-operative-society-ltd-v-ito-2023106-itr-80-sn-bang-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/merchants-credit-co-operative-society-ltd-v-ito-2023106-itr-80-sn-bang-trib\/","title":{"rendered":"Merchants Credit Co-Operative Society Ltd. v . ITO (2023)106 ITR 80 (SN.)(Bang) (Trib)"},"content":{"rendered":"<p>Held\u00a0 that the assessee had satisfied the identity of the depositors, who were members of the assessee-society and genuineness of the transactions because the amounts had been deposited in the members\u2019 accounts only. Accordingly, the assessee did not get any extra benefit as observed by the Assessing Officer, which could be treated as income under section\u00a069A\u00a0of the Act. If the Assessing Officer had any doubts that the assessee had not satisfied the ingredients of section\u00a068, he could have asked further details from the assessee, but was not done, which clearly showed that the assessee had discharged its duty to satisfy the requirement of section\u00a068. Therefore, the provisions of section\u00a068\u00a0were not applicable and the Assessing Officer without discussing in detail had made the addition under section\u00a068\u00a0which was not proper. Addition is deleted . (AY.2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 68 : Cash credits-Unexplained money-Demonetisation period-Members-Addition is not justified. [S. 69A, 115BBE] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-44804","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bEE","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=44804"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44804\/revisions"}],"predecessor-version":[{"id":44805,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44804\/revisions\/44805"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=44804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=44804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=44804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}