Cash Deposit during Demonetization: ITAT confirm Addition partially in Absence of Statement of Affairs

A. Manoharan Vs ITO (ITAT Bangalore) ITAT observe that the AO has made the addition under Section 69 of the Act of Rs.12,75,802/- for want of proper explanation of cash deposited during demonetisation period. The assessee tried to justify the same by submitted that the assessee had withdrawn cash from his Corporation Bank and Indian Bank accounts in the two financial years, i.e. on 26.03.2013 Rs. 9,00,000/- and on 04.04.2013 Rs. 30,000/- from Corporation Bank and Rs.13,00,000/- and Rs.80,000/- from Bank of India on these dates. It was also observed that the details of income earned and return ...