AO Cannot Reject claim of Cash Deposit Against Withdrawals Based on Assumption: ITAT Kolkata

Sunil Khaitan Vs DCIT (ITAT Kolkata) The case of Sunil Khaitan vs. DCIT (ITAT Kolkata) revolves around the taxation of cash deposits made during the demonetization period. Sunil Khaitan, the appellant, filed his income tax return for the assessment year 2017-18, declaring a total income of Rs. 40,48,000/-. However, his case was selected for scrutiny under the Computer Aided Scrutiny Selection (CASS) for verification of cash deposits during the year, particularly those made during the demonetization period. The Assessing Officer (AO) observed that Sunil Khaitan had deposited Rs. 34,18,000/- in ...