ITAT Chandigarh Accepted Presumptive Income Despite Demonetization Cash Deposits

Varun Kumar Jain Vs ITO (ITAT Chandigarh) The Chandigarh Bench of the Income Tax Appellate Tribunal Chandigarh examined the taxability of cash deposits made during the demonetization period for AY 2017–18 in a best judgment assessment framed under section 144. The Assessing Officer noted cash deposits of ₹12.34 lakh in old currency and treated the entire amount, along with the returned income, as undisclosed income taxable under section 115BBE, rejecting the assessee’s business claim and presumptive income declaration under section 44AD. The rejection was based on a belated return, alleg...