ITAT Ahmedabad Deletes Accounted Demonetization Cash Deposit Addition

ACIT Vs Radhika Jewellers (ITAT Ahmedabad)

The Income Tax Appellate Tribunal (ITAT) in Ahmedabad has dismissed an appeal filed by the Assistant Commissioner of Income Tax (ACIT) against Radhika Jewellers, a firm engaged in the gold and silver ornaments business. The case centered on the firm’s cash deposits during the demonetisation period in 2016. The ACIT had challenged a decision by the Commissioner of Income Tax (Appeals), or CIT(A), which had deleted additions of ₹83.50 lakh made by the Assessing Officer (AO) to the firm’s income for the Assessment Year 2017-18.

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