Judgement

The ITAT Bangalore holds cash deposits during demonetization period cannot be treated as unexplained when agricultural source is substantiated

ITAT Accepts Cash Deposits as Out of Accumulated Agricultural Income

The ITAT Delhi has deleted an addition of Rs 9.41 crore made under Section 68 in respect of cash deposits during the demonetization period.

The High Court rejected the tax officer’s suspicion on demonetization cash deposits, confirming that audited records were valid and explained.

Jeweller’s demonetization cash deposits backed by sales records: ITAT deletes Income Tax addition under Sec 68 & 115BBE

The tribunal observed that the AO's addition was based on assumptions and found it unjustified. Therefore, the addition was deleted.

The tribunal noted that the assessee had filed the details of the cash deposits to substantiate his claim. Therefore, the addition was deleted.