Demonetisation Cash Deposits Supported by Sale Deeds & Wealth Records, ITAT Limits Disallowance to 10%

Advertisement Nathabhai Parsana Vs ACIT (ITAT Rajkot) The Income Tax Appellate Tribunal (ITAT) Rajkot heard an appeal filed by the assessee challenging additions made in the assessment year 2017-18. The original assessment was framed by the Assessing Officer (AO) under section 143(3) of the Income Tax Act, 1961, on 1 December 2019, and confirmed by the Commissioner of Income Tax (Appeals) [CIT(A)] through an order under section 250, dated 2 August 2023. The main grievance concerned cash deposits made during the demonetization period, which the AO had added to the assessee’s taxable incom...