ITAT Upholds invocation of Section 263 for demonetized Cash Deposit & Acceptance

SAP Medicals (P) Ltd Vs ITO (ITAT Hyderabad) It is an admitted fact that the assessee has made cash deposit of Rs.39,74,500/- during the demonetization period which was accepted by him from various hospitals in demonetized currency in violation of the extant provisions regarding dealing in demonetized currency. However, the AO in the instant case has failed to investigate this aspect and passed the order u/s 143(3) accepting the income returned. In our opinion, the order passed by the Assessing Officer in the instant case without enquiring the huge cash deposit of Rs.39,74,500/- in demonetized...