Cash Deposit out of Mother’s Savings: ITAT Deletes Demonetization addition

Devadass Suresh Vs DCIT (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT) Bangalore addressed an appeal by Devadass Suresh against the addition of Rs. 9,00,500, made by the Assessing Officer (AO) under Section 69A of the Income Tax Act, for cash deposits during the demonetization period. The AO had treated the deposits in the assessee’s Post Office savings account as unexplained money, citing the assessee’s failure to provide substantiation. The Commissioner of Income Tax (Appeals) [CIT(A)] upheld the addition. The assessee, a salaried individual, contended that the deposited c...