CBDT guidelines should be followed while assessing cash deposit during demonetization

Sasanur Hospital Vs PCIT (ITAT Bangalore) ITAT Bangalore held that revisionary powers u/s 263 of the Act rightly exercised by ld.Pr. CIT as AO failed to discharge his duty. Cash deposited during the demonetization period should be assessed as per CBDT guidelines. Facts- AO observed that during demonetization period, the assessee firm had deposited Rs.2,15,80,640/- in its current account. This includes old and new currency which was deposited daily collections from the hospital. During the demonetization period, the medicine shops/doctors were allowed to collect the old currency notes (SBN) vid...