ITAT Sets Aside Demonetisation Cash Deposit Addition for Hospital; Remands case to AO

Trichur Heart Hospital Ltd. Vs DCIT Circle – 1(1) & TPS (ITAT Cochin) Cochin: The Income Tax Appellate Tribunal (ITAT), Cochin Bench, has set aside an addition of Rs. 45.74 lakh made by the tax authorities against Trichur Heart Hospital Ltd. related to cash deposits in specified bank notes (SBN) during the demonetisation period. The Tribunal has remitted the matter back to the Assessing Officer (AO) for a fresh examination, citing the failure of lower authorities to adequately verify the source of the cash deposits. The case, referenced as ITA No. 915/Coch/2024, involved an appeal fi...