Demonetisation Cash Deposit Relief: ITAT Restricts Addition to 5% Estimated Profit

Bhanu Pratap Gohel Vs ITO (ITAT Rajkot) ITAT Gives Major Relief in Demonetisation Cash Deposit Case – Only 5% Estimated Profit Taxable, Section 115BBE Not Applicable Assessee deposited ₹13.50 lakh in cash during demonetisation (Nov–Dec 2016). She explained that the funds came from earlier bank withdrawals, supported by cash books, bank statements, Hathu account & affidavit citing old age/medical needs. AO ignored these documents & added the entire ₹13.50 lakh u/s 69A, which was confirmed by CIT(A) without identifying any defects. Before ITAT, Assessee proved a clear nexus betwe...