Cash Deposits During Demonetization Don’t Automatically Taint Assessee

DCIT Vs Sushil Kumar Sharma (ITAT Delhi) Merely because certain cash was deposited in the specified bank notes by the assessee during the demonetization period will not make the assessee tainted party when the very same transaction are being made by the assessee in the part as well as in the future. In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Delhi has deleted additions for unexplained cash deposits in the case of DCIT vs. Sushil Kumar Sharma. This judgment highlights the importance of substantiating transactions with proper evidence, especially during critical periods li...