Demonetisation Cash Deposits Taxed Due to No Business Necessity

Ohm Developers Vs ACIT (ITAT Ahmedabad) Demonetisation Cash Deposits Upheld as Unexplained: ITAT Ahmedabad Confirms Section 68 Addition for Lack of Business Necessity The Ahmedabad Bench of the ITAT dismissed the assessee’s appeal and upheld the addition of ₹1.72 crore under Section 68 in respect of cash deposits made during the demonetisation period (AY 2017-18). The assessee, a construction firm, claimed that the deposits were sourced from earlier cash withdrawals from disclosed bank accounts. Both the AO and the CIT(A) found the explanation unsatisfactory, noting continuous withdrawals ...