Plausible explanations were made for cash deposited during demonetization-ITAT deleted addition u/s 69A

Mahendrakumar Prahladbhai Vaghela Vs ITO (ITAT Ahmedabad)

In the matter abovementioned ITAT deleted addition made u/s 69A as undisclosed income in form of cash deposited during demonetization by observing that assessee has supplied plausible explanation in respect of cash deposit and department remained failed in conducting individual enquiry from the lenders.

IT Department during demonetization (from November 9, 2016, to December 30,2016) identified various individuals who had deposited substantial sums of cash, under the initiative “Operation Clean Money”. Thes

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