AO Adds SBN Deposits by NBFC as Unexplained Cash Credit u/s 68 During Demonetization: ITAT Directs AO to Reassess and Apply CBDT Guidelines [Read Order]
Considering the AO’s addition without applying CBDT Guidelines during the demonetization period regarding SBNs deposits, ITAT directed to reassess
By Kavi Priya - On September 7, 2024 6:26 pm - 2 mins read
The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to reassess the case involving the addition of Specified Bank Notes ( SBN ) deposits as unexplained cash credit under section 68 of the Income Tax Act, 1961. This decision was made because the AO failed…
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