Entire cash deposits during demonetization cannot be considered as unexplained, 20% Addition Upheld

Yogesh Kumar Chandrakant Jariwala Vs ITO (ITAT Surat) Entire cash deposits from business income during demonetization could not be considered as unexplained however 20% of additions was upheld Conclusion: Entire cash deposits made during demonetization could not be treated as unexplained credit and a reasonable addition of 20% of total cash deposit would be sufficient to avoid the possibility of revenue leakage. Despite this, Tribunal upheld that 20% of the additions was valid as the assessee could not substantiate the source. Held: Assessee-individual was engaged in the manufacturing of texti...