ITAT Mumbai Upholds 8% Presumptive Income on Demonetisation Cash Deposits

Javed Munir Khan Vs ITO (ITAT Mumbai) Demonetisation Cash Deposits: Presumptive Income @8% Upheld — ITAT Dismisses Assessee’s Appeal The Mumbai Bench of the Income Tax Appellate Tribunal dismissed the assessee’s appeal for AY 2017-18 and upheld the CIT(A)’s approach of taxing only the profit element embedded in cash deposits made during and after the demonetisation period. The case involved substantial cash deposits aggregating to ₹1.13 crore during demonetisation and ₹92.64 lakh post-demonetisation. The Assessing Officer treated the deposits as unexplained under section 69A and es...