Cash Deposits during Demonetization Linked to LPG Cylinder Sale: ITAT directs Reconsideration

Anaveer Proprietor Vs ITO (ITAT Bangalore) In Anaveer Proprietor Vs ITO, the Income Tax Appellate Tribunal (ITAT) in Bangalore has restored the matter to reconsider the source of the cash deposits made during the demonetization period, in relation to the sales proceeds from LPG cylinders. This case presents an intriguing scenario where demonetization and tax laws intersect. The appellant, Anaveer, a gas agency proprietor, had deposited a significant sum in the bank during the demonetization period in India. However, they failed to explain the source of the cash, leading to the assumption that ...