ITAT Deletes Addition for Cash Deposits During Demonetization from Proven Sources

Karansinh Patel Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad Deletes Additions on Demonetisation Cash Deposits — Retirement Benefits & Loan Repayment Held Genuine Assessee, a retired government employee, appealed against CIT(A)’s order partly confirming addition u/s 69A towards unexplained credits & cash deposits totaling ₹31,90,289/-. AO had made a total addition of ₹50,94,553/- for unexplained deposits during the demonetisation period. It was explained that the deposits came from legitimate sources such as gratuity, leave encashment, salary arrears, insurance payouts, & milk sa...