Every deposit during demonetization cannot be categorized as unaccounted cash

Yagnavalkya Souhardha Credit Co. Ltd. Vs ITO (ITAT Bangalore)

ITAT Bangalore held that addition under section 68 with regard to deposit of Specified Bank Notes [SBN’s] it was clarified that every deposit during demonetization doesn’t fall under category of unaccounted cash. However, burden is on the assessee to establish the genuineness of the deposit.

Facts-

The assessee is a cooperative credit society engaged in providing credit facilities to its members.

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