Demonetization Cash Addition Deleted as ITAT Accepts NRI Remittance Explanation

Arun BUSSI Vs ACIT (ITAT Delhi) The case before the Income Tax Appellate Tribunal Delhi involved two interconnected appeals arising from orders passed under Section 250 of the Income Tax Act, 1961. The primary issue concerned an addition of ₹11,18,500 made by the Assessing Officer on account of cash deposits during the demonetization period in November–December 2016. The assessee, a non-resident Indian residing in the United States, explained through an affidavit that the deposited amount represented accumulated cash given to his aged parents over several years through remittances and pers...