Case Law Details
Aniket Agarwal Vs ITO (ITAT Delhi)
In this case the sole issue for my consideration is that as to whether any addition can be made and confirmed in the hands of the assessee on account of cash deposit of Rs.2,30,000/- during demonetization period.
Ld. AR submitted that as per Instruction No. 03 of 2013 dated 21.02.2017 Annexure guideline No. 1.1 Instruction issued by CBDT, in the case of an Individual, no further verification is required to be made if total cash deposit is up to Rs.2,50,000/-. Therefore, in the case of present assessee who is an Individual earning income only from salary then addition made by the Assessing Officer and confirmed by the ld. CIT (Appeals) cannot be held as sustainable and valid in law.
ITAT held that when the CBDT Circulars clearly provide, no further clarification and verification is required to be made in the case of an Individual who is earning income from salary filing return of income has deposited amount of Rs.2,30,000/- during demonetization period. Therefore, addition made by the Assessing Officer and confirmed by the ld. CIT (Appeals) cannot be held as sustainable as the same is clearly against the Instruction issued by the CBDT.
FULL TEXT OF THE ORDER OF ITAT DELHI
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