Assessee directed to file depositors’ KYC for cash deposits during demonetisation

ITO Vs Prathamika Krishi Pattina Sahakari Sangh Niyamit (ITAT Bangalore)

ITAT Bangalore in the case of cash deposit during demonetization period directed assessee to file KYC of the depositors and accordingly directed AO to verify the same and allow if found in order.

Facts- During the course of assessment proceedings, it was noticed that the assessee has deposited cash in old currency denomination of Rs.500 & 1,000 in its bank account and it was also noted that from 09.11.2016 the denomination of Rs.500 and 1,000 currency notes were not in operation, in

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