Section 68 Addition on Demonetisation Cash Deposits Restricted to ₹2 Lakh: ITAT Delhi

Advertisement Anil Madaan Vs ITO (ITAT Delhi) The appeal arose from an assessment order passed under Section 143(3) of the Income-tax Act, 1961 for Assessment Year 2017-18, in which cash deposits of ₹35,66,768 made during the demonetisation period were treated as unexplained cash credits under Section 68. The addition was upheld by the CIT(A)/NFAC, leading to the present appeal before the ITAT Delhi. The Tribunal noted that there was no dispute that the assessee was engaged in the business of purchase and sale of footwear, an unorganised sector in which the possibility of cash turnover co...