No addition for duly explained Cash Deposits during Demonetization

R. Raju Vs ITO (ITAT Chennai) The assessee has explained cash deposits made during the demonetization period out of amount received from maturity of fixed deposits in SBI and Canara Bank. The assessee had also furnished necessary evidence before the AO and argued that, he had received a sum of Rs. 10,29,337/-towards maturity of insurance policy from Reliance Insurance. He had withdrawn cash out of its known source of income and re-deposited during demonetization period when the old currency notes of Rs. 500 and Rs. 1000 have been withdrawn from circulation. We find that, the AO as well as CIT(...