Explained SBN Deposits During Demonetization Not Unexplained Income: ITAT Mumbai

Goldman Tapes Private Limited Vs ACIT (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has delivered a significant ruling in the case of Goldman Tapes Private Limited Vs. ACIT, allowing the assessee’s appeal and directing the Assessing Officer (AO) to delete an addition of Rs. 44,61,000 made on account of cash deposits during the demonetization period (Assessment Year 2017-18). The Tribunal emphasized that a genuine explanation for the source of cash, even if in Specified Bank Notes (SBNs) after the demonetization announcement, cannot be rejected merely because the SBNs ...