Cash Deposits from Son-in-Law’s NRE A/c during Demonetization – ITAT deleted Addition

Sicily Paul Vs ITO (ITAT Cochin)

The Income Tax Appellate Tribunal (ITAT), Cochin Bench, has allowed an appeal filed by Sicily Paul, an individual assessee, against an addition of ₹12.29 lakh made by the Income Tax Officer (ITO) during the demonetisation period. The ITAT’s ruling sets a precedent for cases where the source of cash deposits is a plausible explanation, even with a time gap between withdrawal and deposit.

The case, Sicily Paul vs. ITO, involved a cash deposit of ₹12.29 lakh made by the appellant during the demonetisation period

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