Cash Deposits During Demonetization Alone Is No Basis To Make Addition In Absence Of Glaring Error In Books: Mumbai ITAT

In a recent Mumbai ITAT decision, errors in cash deposits post-demonetization led to disputed additions in income tax assessments. The tribunal found discrepancies in the assessing officer's approach, highlighting procedural lapses and failure to account for valid explanations from the assessee. The decision emphasizes adherence to accounting standards and procedural correctness in tax assessments, particularly in the context of demonetization-related cash transactions.