Cash Deposit during Demonetization: ITAT partly deletes Rs. 3.5 lakh Addition based on CBDT Guidelines [Read Order]

The Tribunal observed that the assessee failed to offer a reasonable explanation for the full amount of Rs. 11 lakhs
By Franklin Joshva - On March 23, 2025 4:53 pm - 2 mins read
Cash Deposit - Demonetization - ITAT - Addition - CBDT Guidelines - taxscan

The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) has partly deleted an addition of Rs. 11,00,000 made on account of cash deposits during the demonetization period, holding that Rs. 3.5 lakh can be reasonably attributed to household savings, in line with CBDT Instruction No. 03/2017. Sunita Sherwani (assessee) e-filed her income tax return…

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