Demonetisation Cash Deposits Accepted: ITAT Caps Addition at ₹2 Lakh, Disallows 115BBE

Satish Kumar Malik Vs ITO (ITAT Delhi) Demonetisation Cash Deposits Largely Accepted: ITAT Restricts Addition to ₹2 Lakh and Bars Section 115BBE The Delhi ITAT partly allowed the assessee’s appeal in a demonetisation cash deposit case by substantially deleting the addition of ₹44.44 lakh made under Section 68 and holding that the harsh provisions of Section 115BBE were not applicable for AY 2017-18. The assessee, a trader, had explained that the deposits represented cash sales made prior to 08.11.2016 and available cash in hand duly recorded in audited books of account, which were neithe...