ITAT Deletes Addition for Demonetized Cash Deposit, Reduces Profit Estimation to 1%

Madan Lal Gupta Vs ITO (ITAT Cuttack) The Income Tax Appellate Tribunal (ITAT), Cuttack Bench, partly allowed the appeal of Madan Lal Gupta, a wholesale dealer of Britannia Biscuits, resolving disputes over a cash deposit addition during the demonetization period and the estimated net profit rate for the Assessment Year (A.Y.) 2017-18. Deletion of Cash Deposit Addition The Assessing Officer (AO) had made an addition of ₹15.45 lakh concerning a cash deposit made into the assessee’s bank account on December 5, 2016, alleging it constituted unexplained demonetized currency. The assessee s...