ITAT deletes addition for cash deposit during demonetization

Neeru Jain Vs ITO (ITAT Delhi) CBDT vide Instruction No.03/2017 dated 21st 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 dated 18.06.2021). He pointed to the relevant order placed in the paper book. He therefore submitted that in v...