ITAT Sets Aside Additions on ₹1.46 Cr Demonetisation Cash Deposits and Derivative Losses, Remands for Fresh Adjudication

The ITAT has set aside additions on "₹14.6 crore demonetization cash deposits" and "derivative losses," remanding the matter for "fresh adjudication." The tribunal's decision provides a significant victory for the taxpayer. The ruling clarifies that a tax authority cannot add an income to a taxpayer's account without a valid reason. The court's decision is a crucial reminder to all tax authorities to follow due process.