Cash Deposit Addition Deleted for Petroleum Dealer During Demonetization

Sohan Lal Yadav Vs ITO (ITAT Jaipur) The appeal in the case of Sohan Lal Yadav vs ITO (ITAT Jaipur) concerned the addition of ₹52.78 lakh under Section 68 of the Income Tax Act, 1961, relating to cash deposits made during the demonetization period in FY 2016-17. The assessee, an authorized petroleum dealer of Indian Oil Corporation Ltd operating a petrol pump at Sunel Road, Pirawa, Jhalawar, Rajasthan since 2005, had deposited cash totaling ₹52.78 lakh in his bank account. The Assessing Officer (AO) treated these deposits as unexplained income due to the absence of satisfactory documentary...