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.

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