ITAT Dismisses Algorithm-Based Tax Addition on Demonetisation Cash Deposits

ITO Vs Bimal Jewellers (ITAT Delhi) ITAT Dismisses Algorithm-Based Tax Addition on Demonetisation Cash Deposits for Jeweller New Delhi: The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has rejected an income tax addition of over Rs. 1.63 crore made by the Assessing Officer (AO) against a jeweller based on an algorithm and comparative analysis of cash deposits during the demonetisation period. The Tribunal upheld the decision of the National Faceless Appeal Centre (NFAC) which had deleted the addition. The case, titled ITO Vs Bimal Jewellers, involved an appeal filed by the Revenue agains...