Mere demonetization cannot be a reason for doubting availability of cash with assessee

Mohammad Ibraheem Khatri Vs ITO (ITAT Indore)

Introduction: The case of Mohammad Ibraheem Khatri vs ITO (ITAT Indore) sheds light on the repercussions of cash deposits made after the declaration of demonetization. The Indore Income Tax Appellate Tribunal’s (ITAT) ruling emphasizes that such deposits do not necessarily indicate suspicious cash sales. This article provides a comprehensive analysis of the case, including the grounds of appeal, arguments presented, and the tribunal’s decision.