Addition for cash deposit During Demonetisation – ITAT allows assessee to substantiate source of cash deposit

Devarajulu Natarajan Vs ITO (ITAT Chennai)

Ld. CIT(A), noted that post demonetization, cash deposited in State Bank of Hyderabad was only Rs.2.50 Lacs and cash deposited in Canara bank was Rs.6 Lacs only. Accordingly, the addition was restricted to Rs.8.50 Lacs. Aggrieved, the assessee is in further appeal before us.

The Ld. AR pleaded for another opportunity before lower authorities to substantiate the source of cash deposit. The Ld. Sr. DR submitted that the assessee could not establish

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