Assessee needs to establish genuineness of deposit during demonetization

Bhavana Co-operative Credit Society Vs ITO (ITAT Bangalore)

ITAT Bangalore held that each and every deposit during the demonetization period would not fall under the category of unaccounted cash. However the burden is on the assessee to establish the genuineness of the deposit in order to fall outside the scope of unaccounted cash.

Facts-

The assessee is a cooperative credit society engaged in providing credit facilities to its members.

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