Cash Deposited during Demonetization period did not exceed Threshold Limit: ITAT deletes Income Tax Addition [Read Order]

Cash - Deposited - Demonetization - period - Threshold - Limit - ITAT - Income - Tax - Addition - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench deleted addition as cash deposited during demonetization period does not exceed threshold limit. In course of assessment proceedings, the Assessing Officer noticed that during the demonetization period, assessee, Amar Singh had deposited cash of Rs.2,48,000 in his account maintained with Canara Bank. Therefore, he called upon…

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