Matter remaded as lower authorities failed to apply CBDT Instructions regarding cash deposits during demonetization

Gowdara Mahalingappa Vs ACIT (ITAT Bangalore) Conclusion:  CBDT had issued instructions/notification for examining the specific cases regarding cash deposits during the demonetisation period. However, both the lower authorities had not done so and therefore, the matter was remanded for re-examination. Held: Assessee was a partner in M/s Gowdara Jayadevappa Silks & Sarees deposited Rs.58,40,000 in a joint savings bank account with Bank during the demonetization period. A show cause notice was issued to assessee for which he filed a detailed written statement that the funds were from the fi...