Not Enquiring Huge Cash Deposit in Demonetized Currency is Violation of Provisions Dealing in Demonetized Currency: ITAT upholds Revision Order [Read Order]

By Fathima Karama A.M - On August 3, 2023 9:00 pm - 2 mins read
Huge Cash Deposit - Demonetized Currency - Violation of Provisions - ITAT upholds Revision Order - ITAT - Revision Order - Income Tax - taxscan

The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has upheld the revision order holding that not enquiring huge cash deposits in demonetized currency was a violation of provisions dealing with demonetized currency. The assessee, SAP Medicals (P) Ltd was a private limited company engaged in the business of dialysis consumables and equipment. It filed…

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