Demonetization Deposits Not Subject to Section 69A addition if Source Explained

Satishbhai Kadvabhai Sarvaiya Vs ITO (ITAT Rajkot) The case of Satishbhai Kadvabhai Sarvaiya Vs Income Tax Officer (ITO) reached the Income Tax Appellate Tribunal (ITAT) in Rajkot, revolving around a significant cash deposit during the demonetization period. The appeal stemmed from an order issued by the National Faceless Appeal Centre (NFAC), Delhi, pertaining to the assessment year 2017-18. The appellant, an agriculturist, found themselves in a predicament as the Assessing Officer (AO) made an addition of Rs. 10,07,500 under section 69A of the Income Tax Act, 1961, attributing it to unexplai...