Addition for cash deposit during demonetization period by housewife of upto Rs. 250000 is invalid

Aroshi Jain Vs ACIT (ITAT Delhi)

Circular No.03/2017 dated 21.02.2017 provides that no further clarification or verification is required to be made in a case of an individual when the deposited amount during demonetization period is upto Rs. 2,50,000/-. In the present case, the assessee who is a housewife having no other source of income has deposited 2,40,000/- during demonetization period. Therefore, in view of the CBDT Circular (supra) and the order of ITAT in the case of Neeru Jain vs. ITO, the addition made by

Please become a Premium member. If you are already a Premium member, login here to access the full content.