Demonetisation Deposits from Past Withdrawals by 82-Year-Old Accepted

Savitrivasudeva Govinda Rao Vs ITO (ITAT Bangalore) Past Withdrawals Valid Source- Demonetisation Deposits Explained – ITAT Deletes 69A Addition for Retired 82-Year LIC Officer Bangalore ITAT dealt with addition made on account of demonetisation cash deposits. Assessee, a retired LIC employee aged 82 years, had deposited ₹15.30 lakh in his savings account during November 2016. AO treated these deposits as unexplained money u/s 69A after accepting only part of his explanation, while CIT(A) upheld the addition on the assumption that withdrawals were made over several years since 2011, which ...