Cash deposits during demonetization alone cannot justify income addition

Anil Champalal Jain Vs ITO (ITAT Mumbai) The case of Anil Champalal Jain vs ITO (ITAT Mumbai) revolves around the contentious issue of cash deposits during the demonetization period and their tax implications. Mr. Anil Champalal Jain, a proprietor of M/s Satawat Textile, faced scrutiny over a significant cash deposit of ₹33 lakhs during this period. The Income Tax Department (ITD) added this amount to his income under Section 69A of the Income-tax Act, 1961. The ITAT Mumbai reviewed the case, noting that while the ITD alleged manipulation of accounts due to lack of post-demonetization cash s...