Demonetisation Cash Addition Deleted – ITAT Accepts Family Savings Explanation Backed by Affidavit

Jamshed Naval Karanjia Vs CIT (ITAT Mumbai) Demonetisation Cash Addition Deleted – ITAT Accepts Family Savings Explanation Backed by Affidavit The ITAT Mumbai deleted the addition of ₹6.70 lakhs made under Section 69A, holding that the assessee’s explanation regarding source of cash deposits during demonetisation was plausible and supported by evidence. In this case, the assessee, a non-resident individual, had deposited cash during the demonetisation period. The AO treated the amount as unexplained and made addition under Section 69A, which was partly sustained by the CIT(A). Before...