Demonetisation Cash Deposit Explained in Part – Capital Improvement Partly Allowed by Estimation

Navneet Garg Vs ITO (ITAT Delhi)

Demonetisation Cash Deposit Explained in Part — Capital Improvement Partly Allowed by Estimation

In this appeal, ITAT examined two issues: (1) addition of ₹46.75 lakh u/s 68 r.w.s.115BBE on account of cash deposits during demonetisation, & (2) disallowance of indexed cost of improvement of ₹1.09 crore while computing capital gains.

For the cash deposits, Assessee proved through Bank of Baroda statements (pages 22–31) that ₹11 lakh withdrawn between 07.04.2016 & 09.06.2016 remained unspent & was re

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