Source for Deposits made in Demonetisation Period Substantiated: ITAT deletes addition u/s 68 of Income Tax Act [Read Order]

The assessee has discharged the onus of substantiating the source for the deposits made in SBN during demonetisation period

By Aiswarya Krishnadas - On April 30, 2024 10:00 pm - 2 mins read

ITAT - ITAT Mumbai - Income tax - Demonetisation deposits - Section 68 of income tax act - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the addition under Section 68 of the Income Tax Act, 1961 as the source for deposits made during the demonetization period has been substantiated. The Assessee is engaged in the business of wholesale and retail trading of cloth. The year under…

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