ITAT deletes Addition for cash kept for Medical Emergency deposited during Demonetization

Krishna Goyal Vs ACIT (ITAT Delhi) In course of assessment proceedings, the assessee has explained the source of deposits in the bank account to be out of the withdrawals made from the very same bank account. However, the Assessing Officer as well as learned Commissioner (Appeals) have partly accepted the explanation of the assessee only to the extent of Rs.5,00,000 withdrawal from the bank account on 07.11.2016, just prior to declaration of demonetization. As far as the balance amount of Rs.18,00,000 is concerned, assessee’s claim has been disbelieved. From the details available on record, ...