Cash Deposit of Demonetized Notes Not Legally Prohibited till 31st December 2016: ITAT Deletes Addition [Read Order]

Cash Deposit of Demonetized Notes - Cash Deposit - Demonetized Notes - ITAT - taxscan - taxnews

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that since there was no legal prohibition in dealing with the demonetized notes till 31st December 2022, the cash deposit of such notes, being the sale consideration received from the property cannot be subject to addition under the Income Tax Act,…

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