ITAT Delhi Deletes Addition on Demonetization Cash Deposits for Past Savings

Anandi Vs ITO (ITAT Delhi) Factual Background and Addition The Assessee, an individual who is a retired government servant, filed her Return of Income declaring a total income of . Her case was selected for scrutiny due to a large value of cash deposited in SBN during the demonetisation period, which was substantial compared to her declared income. The total cash deposited was . After considering the Assessee’s submissions, the AO accepted a deposit of as genuine but deemed the remaining as unexplained money. Consequently, the AO made an addition of under Section 69A of the Income Tax Ac...