ITAT Orders Detailed Verification of KYC for Cooperative Society’s SBN Deposits during Demonetization

The ITAT directed a detailed verification of KYC (Know Your Customer) documentation related to the Specified Bank Notes (SBN) deposits made by a cooperative society during the demonetization period. The case involved the society's substantial cash deposits during the demonetization window, which raised suspicions. The tribunal ordered a thorough check of the KYC details of the depositors to ensure compliance with the regulatory requirements. This decision reflects the tribunal's emphasis on transparency and due diligence in financial transactions, especially during periods like demonetization, where the potential for misuse was high.