https://www.taxtmi.com/caselaws?id=774754 ITAT Hyderabad set aside CIT(A)'s order upholding AO's addition under section 69A for unexplained money relating to SBN deposits during demonetization. The tribunal found that neither AO nor CIT(A) followed CBDT's Standard Operating Procedure outlined in six circulars/notifications for verifying cash transactions during demonetization period. Both authorities rejected assessee's claim that deposited cash came from borrower collections without proper verification of records or examining genuineness of claim per CBDT guidelines. Matter remanded to CIT(A) for fresh adjudication following proper SOP verification procedures. Appeal allowed for statistical purposes. en-us Thu, 03 Jul 2025 00:00:00 +0530 Mon, 14 Jul 2025 08:36:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774754 ITAT Hyderabad set aside CIT(A)'s order upholding AO's addition under section 69A for unexplained money relating to SBN deposits during demonetization. The tribunal found that neither AO nor CIT(A) followed CBDT's Standard Operating Procedure outlined in six circulars/notifications for verifying cash transactions during demonetization period. Both authorities rejected assessee's claim that deposited cash came from borrower collections without proper verification of records or examining genuineness of claim per CBDT guidelines. Matter remanded to CIT(A) for fresh adjudication following proper SOP verification procedures. Appeal allowed for statistical purposes. Case-Laws Income Tax Thu, 03 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774754