ITAT Deletes Demonetisation Addition; Cash Redeposit from Earlier Property Sale Accepted

Late Pathangejayarao Gopal Krishna Rao Vs ITO (ITAT Bangalore) Bangalore ITAT Deletes Demonetisation Addition; Cash Redeposit from Earlier Property Sale Accepted The Bangalore ITAT deleted an addition of ₹13.35 lakh made under Section 69A in respect of cash deposits during the demonetisation period. The assessee explained that the cash represented money withdrawn earlier from bank accounts out of sale proceeds received through cheques from the Debt Recovery Tribunal (DRT) after a distress sale of property. The Tribunal observed that the assessee had established the source of the funds and th...