#De-novo Assessment

ITAT Jodhpur rules that cash deposits during demonetization under Section 69A of the Income Tax Act demand rigorous documentary proof of source. The Tribunal remanded the case for fresh assessment, emphasizing procedural compliance and the assessee’s burden to substantiate transactions with valid evidence, impacting tax litigation and banking law.

ITAT sets aside quantum assessments and penalties for A.Y. 2015-16 and 2018-19, holding that procedural defaults must yield to substantive justice when taxpayer claims exemption under Section 10(23C).