Demonetisation Cash Deposit Fully Explained by Prior Withdrawals: ITAT Chandigarh Deletes Rs 7.26 Lakh Addition u/s 69A

Om Parkash Saini Vs ITO (ITAT Chandigarh) The Chandigarh SMC Bench of the Income Tax Appellate Tribunal, Chandigarh Bench allowed the appeal of Om Parkash Saini for AY 2017-18 and deleted the addition of ₹7,26,090 made under section 69A and taxed under section 115BBE on account of cash deposits during the demonetisation period. During demonetisation, the assessee had deposited ₹11.30 lakh in his bank account. The Assessing Officer accepted agricultural income of ₹4.03 lakh and treated the balance ₹7.26 lakh as unexplained. The CIT(A) confirmed the addition. Before the Tribunal, the ass...