ITAT Deletes Cash Deposit Addition, Accepts Assessee’s Gold Sale Explanation

Lakshmichand Pribhdas Jaisinghani Vs ITO (ITAT Ahmedabad) The case of Lakshmichand Pribhdas Jaisinghani vs. Income Tax Officer (ITAT Ahmedabad) involved an appeal against the CIT(A)’s order, which upheld the Assessing Officer’s addition of Rs. 22,39,500 under Section 69A of the Income Tax Act, 1961, as unexplained money. This addition stemmed from cash deposits made by the assessee during the demonetization period. The Assessing Officer initiated scrutiny after noticing a discrepancy between the declared income and the cash deposits. The assessee claimed that the cash deposits were...