Explanation as Past Savings of HUF and Members, No other Deposits during Demonetization: ITAT deletes Income Tax Addition [Read Order]

Savings - HUF - Members - Deposits - Demonetization - ITAT - Income Tax Addition - taxscan

The Income Tax Appellate Tribunal (ITAT), Allahabad Bench deleted Income Tax Addition on the ground that the explanation was past savings of HUF and its members and no other deposits were made during demonetization. The assessee, Sudhir Kumar Tiwari is a HUF and filed its return of income for the year under consideration on March…

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