Retaining Cash for Years Not Suspicious When Source Proven: ITAT Deletes Addition

Rajkumar K. Doshi HUF Vs ITO (ITAT Pune) The Income Tax Appellate Tribunal (ITAT), Pune Bench, in the case of Rajkumar K. Doshi HUF vs. ITO, allowed the assessee’s appeal and deleted the addition of {Rs. 14,00,000} made by the Assessing Officer (AO) as unexplained money under Section 69A of the Income-tax Act, 1961. The amount represented cash deposited in the HUF’s bank account during the demonetization period (A.Y. 2017-18). The Tribunal ruled that once the source of the cash is established to be genuine and accounted for in the books of account, the mere fact that the cash was r...