CIT (A) and AO Fails to consider CBDT Guidelines on Cash Deposits during Demonetization Period: ITAT remands

The ITAT remanded a case to the Assessing Officer (AO) for fresh consideration after it was found that neither the AO nor the CIT(A) had considered the CBDT guidelines on cash deposits during the demonetization period. The taxpayer had deposited a significant amount of cash, which led to an assessment without considering the specific guidelines issued by the Central Board of Direct Taxes (CBDT) for handling such cases. The tribunal's decision underscores the importance of adhering to official guidelines and protocols in tax assessments, ensuring that taxpayers are treated fairly and consistently.