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Demonetization period cash deposit addition not sustained as SOP in CBDT instruction No. 3/2017 not followed
Case Law Details
- Case Name
- Spandana Sphoorty Financial Limited Vs ACIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Hyderabad
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Spandana Sphoorty Financial Limited Vs ACIT (ITAT Hyderabad)
ITAT Hyderabad held that addition towards cash deposited during demonetization period cannot be approved since explanation of assessee is rejected without verification and also Standard Operation Procedures [SOP] provided in CBDT instruction No. 3/2017 dated 21/02/2017 also not followed. Accordingly, matter set aside to file of AO.
Facts- The assessee is a non-banking financial company (NBFC), engaged in the business of extending unsecured microfinance loans to women borrowers from low-income households through the ...
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