Deposit Made as a Reserve Amount for Business During Demonetization Period not amount to Unexplained Income: ITAT Deletes Addition [Read Order]

ITAT - Demonetization - Unexplained Income - Deposit Made as a Reserve Amount for Business - taxscan

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that deposits made as a reserve amount for the business during the demonetization period do not amount to unexplained income. The assessee filed its return of income by declaring a total income of Rs. 3,21,920/-. The case of the assessee was selected for scrutiny…

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