ITAT Ranchi Deletes Addition on Cash Deposits During Demonetization from prior withdrawals

Anubhav Kumar Vs ITO (ITAT Ranchi) The case of Anubhav Kumar vs. Income Tax Officer (ITO) before the Income Tax Appellate Tribunal (ITAT), Ranchi, centered on a disputed addition to the assessee’s income for the Assessment Year 2017-2018. The Income Tax Department selected Anubhav Kumar’s case for limited scrutiny after he deposited cash totaling ₹10,42,000 during the demonetization period between November 9, 2016, and December 31, 2016. The Assessing Officer (AO) rejected the assessee’s explanation and added the entire cash deposit of ₹10,42,000 to his income under Sect...