Cash Deposit during Demonetization: ITAT Partially Upholds Addition in the Absence of Statement of Affairs for justifying Closing Cash Balance [Read Order]

Cash Deposit - Demonetization - ITAT - Cash Balance - Taxscan

Bangalore bench of Income Tax Appellate Tribunal ( ITAT ) partially upholds the addition in the absence of statement of affairs for justifying the closing cash balance. The assessee filed a return of income, declaring income of Rs.3,02,600/-. From the record the Assessing officer observed that during the demonetization period the assessee deposited cash of…

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