The ITAT has ordered a remand of demonetisation-era cash deposit additions under Section 68 for fresh verification. The tribunal upheld Section 80P deductions for a co-operative society despite the number of nominal members being low.
ITAT Remands Demonetisation Deposits for Verification
The Income Tax Appellate Tribunal (ITAT) has ruled that additions made regarding cash deposits during the demonetisation period should be remanded to the Assessing Officer for fresh verification based on new evidence.
This decision serves to clarify the evidential burdens placed upon the revenue, especially regarding the classification of deposits as potential income under Section 68.
For practitioners, this ruling highlights the importance of presenting adequate evidence in disputes concerning demonetisation-related assessments and sets a standard for future cases involving similar challenges.
Citations
- ITAT Order (2026) 1446603
