Cash Deposits Post-Demonetisation Valid If Shown in Books and Returns

Nand Kumar Taneja Vs ITO (ITAT Delhi) Income Tax Appellate Tribunal (ITAT), Delhi Bench, in a consolidated order dated March 29, 2019, overturned additions made under Section 69A of the Income Tax Act, 1961, against senior citizens Nand Kumar Taneja and Nita Taneja. The appeals challenged separate orders from the Commissioner of Income Tax (Appeals) [CIT(A)] for the assessment year 2015-16, which had confirmed additions totaling Rs. 24,72,000 for Mr. Taneja and Rs. 17,45,000 for Ms. Taneja, citing unexplained cash-in-hand. The core of the dispute revolved around substantial cash balances maint...