ITAT Rajkot Deletes Unexplained Cash Addition for Senior Citizen Citing CBDT Limit

Savitaben Nathalal Vadi Vs ITO (ITAT Rajkot) The Income Tax Appellate Tribunal (ITAT), Rajkot Bench, in the case of Savitaben Nathalal Vadi Vs ITO, has allowed the appeal of a 70-year-old assessee, deleting an addition of Rs.2,50,000/− that was made by the Assessing Officer (AO) under Section 69A of the Income Tax Act, 1961. The addition was based on a cash deposit made during the demonetization period, but the Tribunal ruled that the amount fell within the non-taxable limit specified by the CBDT (Central Board of Direct Taxes) for small depositors. Condonation of Delay Before addressing the...