Demonetisation Cash Deposits: Assessee Bears Burden to Prove Genuineness

Aijaz Ahmed Suri Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT) Bangalore recently adjudicated on the case of Aijaz Ahmed Suri Vs Income Tax Officer (ITO) concerning deposits made during the demonetization period. The crucial question revolved around the genuineness of a deposit amounting to Rs. 12,26,000/-, leading to a significant addition under section 69A r.w.s. 115BBE of the Income Tax Act. The case stemmed from an individual taxpayer, deriving income from salary, who filed a return of income for the Assessment Year 2017-18. Subsequently, during scrutiny, the assessing o...