ITAT Lucknow Remands Demonetization Cash Deposit Addition Case to CIT(A)

Sudhanshu Rastogi Vs ACIT (ITAT Lucknow) Income Tax Appellate Tribunal (ITAT), Lucknow, has allowed an appeal filed by Sudhanshu Rastogi against an order passed by the Learned Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, concerning the assessment year 2017-18. The appeal challenged the addition of ₹43,00,000 to Rastogi’s income under Section 68 of the Income Tax Act, 1961, by the Assessing Officer (AO). This addition represented cash deposited during the demonetization period, which the AO deemed unexplained despite the assessee’s claim tha...