Not Every Deposit during Demonetization Period would fall under Category of Unaccounted Cash: ITAT remits to AO for fresh consideration [Read Order]

The burden was on the assessee to establish the genuineness of the deposit in order to fall outside the scope of unaccounted cash.
ITAT Bangalore - ITAT news - tax news - tax update - Taxscan

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) remitted the case to the Assessing Officer ( AO ) for fresh consideration stating that not every deposit during the demonetization period would fall under the category of unaccounted cash. The assessee, Narayanappa Munikrishnappa had deposited cash in his bank account during the…

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