Assessee Must Prove Genuineness to Contest Section 68 Addition for Unexplained Cash Deposits During Demonetization

Veeranna Murthy Raghavendra Deekshith Vs ITO (ITAT Bangalore) Conclusion: Addition under section 68 on account of large cash deposit made during the 2016 demonetization period was not justified and assessee was required to provide concrete evidence establishing the genuineness of the cash deposits in accordance with CBDT Circular wherein the various instructions had been issued. Tribunal remitted the case back to AO for a fresh assessment, instructing assessee to provide all necessary documents to prove the authenticity of the deposits. Held: During the government’s demonetization drive in N...