ITAT Chennai Deletes Demonetisation Cash Deposit Addition as Source Explained

PR & Co. Vs ITO (ITAT Chennai) ITAT Chennai Deletes Section 68 Addition on Demonetisation Cash Deposits: Source Explained Through Debtors’ Collections The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) allowed the assessee’s appeal for AY 2017-18 and deleted the addition of ₹19.56 lakh made under section 68 in respect of cash deposits in specified bank notes (SBNs) during the demonetisation period. The assessee, a partnership firm engaged in wholesale and retail trading of rice, explained that the SBN deposits represented collections from sundry debtors, received through c...