Case Law Analysis
|Income Tax Appellate Tribunal
Section 69A Income Tax Act | Cash Deposits via Fiduciary Agent for Cooperative Society Not Unexplained Income : ITAT Guwahati
The ITAT Guwahati ruled that cash deposits in an individual’s account, made solely as a fiduciary agent for a cooperative society and fully accounted for through corresponding business debits, cannot be treated as unexplained income under Section 69A. This sets a critical precedent for cooperative societies and their administrative agents, affirming that functional role and fund tracing override mere possession in tax assessments.