No addition for cash deposit post demonetization merely on presumptions

Kaliannan Ganesan Vs ITO (ITAT Chennai)

It transpired that the assessee made cash deposits of Rs.13.30 Lacs post demonetization as tabulated assessment order. Accordingly, the assessee was directed to substantiate the source of the same. The assessee is stated to be engaged in poultry farm business and trading of eggs.

AO held that there was significant increase in the monthly cash balance as on 01.11.2016 as compared to the earlier month during this year. The increase in such cash balance

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