ITAT Deletes Addition on Cash Deposit during demonetization from Gold Loan

Ashok Ravsaheb Tambe Vs ITO (ITAT Pune)

In a recent judgment, the Income Tax Appellate Tribunal (ITAT) Pune delivered a significant ruling in the case of Ashok Ravsaheb Tambe Vs ITO, where the Tribunal deleted an addition made by the Assessing Officer (AO) regarding cash deposits during the demonetization period. The case revolves around the explanation provided by the assessee for cash deposits, which were allegedly sourced from a gold loan obtained prior to demonetization.

Case Background

The assessee, Ashok Ravsaheb Tambe, filed his return of incom

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