Addition not sustained as reason for collection of demonetized notes after 8.11.2016 explained: ITAT Pune

Mauli Mahila Nagari Sahakari Path Sanstha Limited Vs ITO (ITAT Pune)

ITAT Pune held that deposit of demonetized notes collected by from its members would not be hit by provisions of section 68 of the Income Tax Act. Further, reason for collection of demonetized notes after prescribed date of 8.11.2016 duly provided. Hence, addition unsustainable.

Facts- During the assessment proceedings, the assessee was asked to explain the sources of Rs.12,47,000/- deposited during the demonetization period. In response to which the assessee submitted the computation of to

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