Cash Deposit on Demonetization not to be Taxed as Unexplained Income u/s 69A of Income Tax Act on Explanation of Source: ITAT [Read Order]

Cash deposit on demonetization not to be taxed as unexplained income u/s 69A of Income Tax Act on explanation of source, rules ITAT
ITAT - ITAT Ahmedabad - Income Tax - Cash Deposit - TAXSCAN

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) held that cash deposit on demonetization not to be taxed as unexplained income under Section 69A of the Income Tax Act, 1961 on explanation of source. The Assessing Officer observed that on 01-11-2016 the assessee has shown accumulated cash on hand of Rs….

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