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Demonetisation Cash Addition Deleted – ITAT Accepts Family Savings Explanation Backed by Affidavit
Case Law Details
- Case Name
- Jamshed Naval Karanjia Vs CIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Mumbai
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Jamshed Naval Karanjia Vs CIT (ITAT Mumbai)
Demonetisation Cash Addition Deleted – ITAT Accepts Family Savings Explanation Backed by Affidavit
The ITAT Mumbai deleted the addition of ₹6.70 lakhs made under Section 69A, holding that the assessee’s explanation regarding source of cash deposits during demonetisation was plausible and supported by evidence.
In this case, the assessee, a non-resident individual, had deposited cash during the demonetisation period. The AO treated the amount as unexplained and made addition under Section 69A, which was partly sustained by t...
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