Unexplained Cash Deposits During Demonetization Restored to AO for De Novo Adjudication

Gajanan Gas Agency Vs ITO (ITAT Pune) The Income Tax Appellate Tribunal (ITAT) Pune has remitted the case of Gajanan Gas Agency back to the Assessing Officer (AO) for a fresh examination concerning a cash deposit of Rs. 10,42,800 made during the demonetization period. The assessee, a partnership firm engaged in the retail distribution of GO GAS, appealed against the order of the CIT(A)/NFAC, Delhi, for the assessment year 2017-18. The initial assessment was completed ex-parte by the AO under section 144 of the Income Tax Act, 1961, leading to the addition of the entire cash deposit under secti...