ITAT deletes addition for cash deposit during demonetization

Neeru Jain Vs ITO (ITAT Delhi)

CBDT vide Instruction No.03/2017 dated 21^st February 2017 has stated that no verification of cash deposits up to Rs.2.50 lakh would be made as the source of such amount could be either house hold savings/ savings from past income. He submitted that assessee’s husband works in an Multi National Company (MNC) and is a regular tax payer. He also relied on the decision of Agra Bench of Tribunal in the case of Smt. Uma Agrawal vs. ITO (in ITA No.35/AGR/2021 date

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