ITAT Restricts Demonetization Cash Deposit Addition to Rs.1 Lakh Because Earlier Withdrawals Were Ignored

Pankaj Kumar Vs ITO (ITAT Agra) The Income Tax Appellate Tribunal, Agra Bench, partly allowed the assessee’s appeal for assessment year 2017-18 against the order passed by the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre under Section 144 of the Income-tax Act, 1961. The dispute related to additions made by the lower authorities treating cash deposits during the demonetization period from 9 November to 30 December 2016 amounting to Rs.15.44 lakh and interest credits of Rs.2,51,150 as unexplained under Section 69A and taxing the same under Section 115BBE. The assessee ...