ITAT Overturns CIT(A) Order, Restores Gas Agency’s Appeal Over Rs. 10.42 Lakh Demonetization Cash Deposits

In a relief to a gas agency, ITAT overturned CIT(A)'s order and restored the appeal concerning ₹10 lakh demonetization cash deposits. The tribunal found the lower authority's dismissal unjustified, particularly noting the peculiar nature of LPG distribution businesses that typically handle substantial cash transactions. The judgment emphasizes proper consideration of business realities in demonetization cases, especially for cash-intensive sectors, while ensuring taxpayers get fair opportunity to explain their financial transactions during the challenging demonetization period.