Retired Army Officer kept Cash to Meet Medical Emergencies: ITAT deletes Addition for Cash Deposit during Demonetization [Read Order]

Cash - Medical Emergencies - ITAT - Cash Deposit - Demonetization - taxscan

In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Bangalore bench has deleted an addition of around 7 lakhs on account of cash deposit during demonetization against the assessee, a retired officer by holding that the amount was kept to meet medical emergencies and therefore, the same cannot be suspected under section 69A of…

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