Cash Deposit during Demonetization from Undisputed Source: ITAT Deletes Addition

Sheo Chand Yadav Vs ITO (ITAT Delhi) Introduction: The Income Tax Appellate Tribunal (ITAT) in Delhi recently gave a verdict in the case of Sheo Chand Yadav vs ITO. The primary focus was on the cash deposits made in the bank accounts of the assessee during the demonetization period. The tribunal ultimately ruled in favor of the assessee, thereby deleting the income tax addition that was initially imposed. Background of the Case: Sheo Chand Yadav, a retired Defence Service official, and his spouse, Mrs. Manju Yadav, a retired teacher, ran a news agency distributing newspapers through vendors at...