Lack of proper inquiry on Unexplained Cash Deposits during Demonetization: ITAT restores matter

The ITAT restored a matter related to unexplained cash deposits during demonetization due to a lack of proper inquiry. The ITAT held that the tax authorities did not conduct a sufficient inquiry into the source of the cash deposits. This decision emphasizes the need for thorough investigation before making any tax additions. It protects taxpayers from arbitrary assessments based on insufficient inquiry.