ITAT deletes addition for cash deposited during demonetization against earlier withdrawals

Laxmi Narain Vs ITO (ITAT Delhi) In the present case there is no dispute regarding the fact the assessee deposited Rs. 10,49,000/- in cash on 18.11.2016 during demonetization period and the AO picked up said amount for making addition in the hands of assessee u/s. 69A of the Act. From the copies of the order of authorities below I clearly note that the Ld. CIT(A) in para 5.6 examined the explanation given by the assessee and noted that the claim of assessee that whatever was withdrawn by the appellant from his bank account had been deposited wholly implies that no cash transaction has been don...