Demonetization Addition Cut from ₹78L to ₹7L; 115BBE Rate Applied Prospectively

Advertisement Mashood Uddin Vs ITO (ITAT Delhi) The appeal pertained to Assessment Year 2017-18 and involved cash deposits made during the 2016 demonetization. The Assessing Officer treated total deposits of Rs.78 lakhs as unexplained under Section 69A read with Section 115BBE, which was upheld by the CIT(A)/NFAC. The assessee contended that the deposits were legitimate business receipts from his export and local sales of handicraft items, submitting supporting documentary evidence and books of account, which were not explicitly rejected. The ITAT observed that while the assessee did not fu...