Demonetization cash deposit not added u/s. 68 as source duly explained

PCIT (Central) Vs Pancham Realcon Pvt. Ltd (Delhi High Court) Delhi High Court held that addition of demonetization cash deposit under section 68 of the Income Tax Act towards unexplained cash credit rightly deleted by CIT(A) since source of deposit duly explained with documentary evidence. Accordingly, appeal of revenue dismissed. Facts- During scrutiny assessment, AO found that the cash balance available on 08.11.2016 with the assessee company was ₹3,87,270/- where the assessee had deposited cash amounting to ₹2,80,00,000/-, post demonetization. The explanation offered by the assessee ...