Cash deposited during demonetization – HC allows reassessment

Jain Cooperative Bank Limited Vs ACIT (Delhi High Court)

As per the notice issued under Section 148A(b) the reassessment proceedings were initiated on the basis of suspicious transactions flagged by the FIU [Financial Intelligence Unit]. It is pertinent to mention that the petitioner is registered as a non-scheduled Urban Co­operative bank who ‘maintained current accounts with Chandni Chowk, Shakarpur and Karkardooma Branches, New Delhi a/c no. 523011066574, 523011066582, 634011031880, 683011012827, 683011012860 had deposited huge cash amounting to R

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