No addition for cash deposit during demonetization out of duly explained past saving

Sudhir Kumar Tiwari Vs ITO (ITAT Allahabad)

It is apparent that the Assessing Officer initially initiated the scrutiny proceedings to examine the cash deposit of Rs. 18,00,000/- during the demonetization period. However, on verification of the bank account as well as the reply of the assessee as well as bank, the Assessing Officer found that there was deposit of Rs. 1,00,000/- only in the bank account of the assessee during the demonetization period. Thus, prima facie the basis of limited scrutiny itself was no more in exist

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