Cash Deposit During Demonetization Can't Be Taxed As Unexplained U/S 69A If Source Is Explained: Ahmedabad ITAT
Pankaj Bajpai
8 Feb 2024 1:11 PM IST

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8 Feb 2024 1:11 PM IST
The Ahmedabad ITAT held that the AO as well as the CIT(A) was not right in making the addition of cash deposits amounting to Rs. 49,80,000/- in bank account during the demonetization period by invoking section 69A of the Income tax Act, as the assessee has fully explained the cash deposits and thus the same cannot be treated as unexplained money.The Bench of Suchitra Kamble (Judicial...
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