CBDT Instruction No. 03/2017 followed by partly allowing cash deposit during demonization

Smt. Sunita Sherwani Vs ITO (ITAT Raipur)

ITAT Raipur held that addition towards cash deposited during demonization period partly set aside based on CBDT Instruction No. 03/2017 dated 21.02.2017. Accordingly, appeal of assessee partly allowed.

Facts- During the course of assessment proceedings, AO observed that the assessee had made cash deposits of 11,00,000/- in her bank account. Not being satisfied with the reply of the assessee, AO made addition of the entire amount by treating it as the assessee’s unexplained money u/

Please become a Premium member. If you are already a Premium member, login here to access the full content.