ITAT restricts Demonetization Cash Deposit Addition to 10% Due to sufficient Cash Withdrawals

Om Sai Contractors Vs ITO (ITAT Surat) ITAT Surat held that addition towards cash deposited during demonetization restricted to 10% of total deposit since assessee fully substantiated the cash deposit showing sufficient withdrawal. Accordingly, appeal partly allowed. Facts- Assessee is a firm engaged in business of job work of paintings of buildings, leasing of plant & machineries and equipment on contract. The case was selected on the issue of cash deposits of Rs.40,00,000/- in its bank account during demonetization period. AO treated the cash deposit ofRs.40,00,000/- as unexplained and a...