The Tribunal decided to remand the issue back to the AO for a proper examination, instructing that the addition should not be based on the demonetized currency claim
The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that the addition under section 69A of Income Tax Act,1961 cannot be made solely on the claim that the assessee was not a specified person to accept demonetized currency. Vikas Co-operative Credit Society,the appellant-assessee,was asked to explain cash deposits of Rs.15,58,500 for the…
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