Non-Compliance to SCN for Cash Deposits of Rs. 6.16 Cr: ITAT Remands for Fresh Adjudication of Co-Operative Society with 5k Costs [Read Order]
The tribunal imposed a cost of Rs. 5,000 to be paid to the State Legal Aid Authority, Hon’ble Madras High Court, within 30 days of receiving the order, and directed the Assessing Officer to verify the payment and decide the issue afresh.
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has remanded a case involving unexplained cash deposits of Rs. 6.16 crore to the Assessing Officer (AO) for fresh adjudication, citing non-compliance with statutory notices. Varadharajapuram Primary Agricultural Co-operative Society Ltd., (assessee) faced scrutiny for significant cash deposits in its bank account during the Assessment…
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