ITAT Reduces Demonetization Cash Deposit Addition to 10% Due to Supporting Evidence

Advertisement Dineshbhai Nagjibhai Viradiya Vs ITO (ITAT Rajkot) The Income Tax Appellate Tribunal (ITAT), Rajkot Bench, heard an appeal filed by the assessee for Assessment Year 2017-18 against the order passed by the National Faceless Appeal Centre (NFAC)/Commissioner of Income Tax (Appeals), which had confirmed an addition of Rs. 6,80,000 under Section 69A of the Income Tax Act relating to cash deposits made during the demonetization period. The assessee also challenged the rejection of agricultural income, the estimation of opening cash balance, and the appellate authority’s treatment...