Cash Deposits Post-Demonetisation – Source Explained, Addition Deleted

Gouthamchand Jain Vs ITO (ITAT Chennai)

 In the case of Gouthamchand Jain Vs ITO (ITAT Chennai), the Income Tax Appellate Tribunal addressed the addition of Rs. 28.57 lakhs to the assessee’s income for AY 2017-18, related to cash deposits made during the demonetization period. The assessee, who had been a consistent taxpayer for 29 years, claimed that these deposits were from previously accumulated cash and legitimate income from prior years. Despite this, the Assessing Officer (AO) disbelieved the explanation, citing an unexplained increase in cash-in-hand

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