ITAT Reduces Demonetization Addition from Rs. 3.88 lakhs to Rs. 6,000

Abdul Farooq Vs ITO (ITAT Amritsar) Abdul Farooq filed an appeal before the ITAT Amritsar against the order of the Addl./JCIT CIT(A)-1, Bengaluru dated 28.03.2024, which upheld the addition of Rs. 3.88 lakhs to his income by the Assessing Officer under Section 144 of the Income Tax Act, 1961. The addition arose from deposits of specified bank notes (SBNs) in the assessee’s bank accounts during the demonetization period from November to December 2016. Abdul Farooq is engaged in SIM card distribution and mobile voucher recharge under the trade name Chowdhary Communications and maintained two b...