Business Cash Deposits During Demonetization: ITAT Accepts Diwali Holiday Delay as Valid Explanation

The ITAT has accepted Diwali holiday delays as a valid explanation for delays in explaining business cash deposits during demonetization. This decision recognizes the practical challenges faced by taxpayers during festive periods. The ITAT's ruling demonstrates a reasonable and understanding approach to tax administration. This case highlights the importance of considering genuine difficulties faced by taxpayers.