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Demonetisation Deposits from Past Withdrawals by 82-Year-Old Accepted
Case Law Details
- Case Name
- Savitrivasudeva Govinda Rao Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Bangalore
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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 ...
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