Demonetization Cash Explained – Withdrawals of ₹47 Lakh Save Assessee

Satendra Kumar Vs ITO (ITAT Delhi)

Assessee, a civil contractor, deposited Rs.30.49 lakh in SBNs during demonetization. AO made addition of entire cash deposit of Rs.31.38 lakh u/s 68, rejecting explanation that deposits were sourced from cash withdrawals by Assessee & his son, both engaged in construction business.

CIT(A) held that withdrawals made months earlier could not be treated as kept idle till November 2016 & confirmed addition.

Before Tribunal, Assessee produced complete bank statements showing aggregate cash withdra

Please become a Premium member. If you are already a Premium member, login here to access the full content.