Demonetization Cash Addition Set Aside for Fresh Review of Cash Book: ITAT Hyderabad

Naresh Samala Vs ITO (ITAT Hyderabad) ITAT Hyderabad: Demonetisation Cash Deposits—Matter Remanded; Opening Cash Balance to Be Accepted The Hyderabad Bench of the ITAT set aside the NFAC order sustaining addition of ₹88.84 lakh as unexplained cash deposits under section 68 for AY 2017-18 in a demonetisation-related case. The assessee, running a restaurant and bar, claimed the deposits were from sales. The Tribunal observed that the Assessing Officer failed to establish whether deposits were from demonetised currency and also did not consider the opening cash balance available as on 08.11.2...