ITAT Directs Verification of Demonetization Cash Deposit Source

Tripuraneni Sarada Devi Vs ITO (ITAT Visakhapatnam) Income Tax Appellate Tribunal (ITAT) Visakhapatnam bench, in the case of Tripuraneni Sarada Devi Vs. Income Tax Officer (ITO), has directed the Assessing Officer (AO) to verify the source of cash deposits totaling Rs. 24,55,030 made by the assessee during the demonetization period. This directive came after the assessee’s appeal challenging the Commissioner of Income Tax (Appeals) [CIT(A)] order, which had partly sustained an addition for unexplained money. The case originated when Tripuraneni Sarada Devi deposited Rs. 24,55,030 in her ...