Demonetization Cash Deposit: ITAT Remands Addition Due to Lack of Proper Inquiry

Greentek Reman Private Limited Vs ITO (ITAT Delhi) ITAT Delhi: Cash deposits during demonetization remanded for fresh verification – Addition u/s 68 not sustainable without proper inquiry Delhi ITAT set aside the addition of ₹28.14 lakh made u/s 68 towards alleged unexplained cash deposits during the demonetization period & remanded the matter to AO for fresh adjudication after proper verification of evidence. Assessee, engaged in e-waste recycling & resale of refurbished IT equipment, had deposited ₹41.11 lakh in cash during November–December 2016. AO treated ₹28.14 lakh as ...