Demonetization Deposits Explained: Section 68/69A not Invocable

S. Balaji Mech-Tech Private Ltd. Vs ITO (ITAT Delhi)

ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustified since source of cash deposits duly explained. Hence, addition liable to be deleted.

Facts- The assessee filed its return of income declaring an income of Rs.9,88,387/- on 29.10.2017. The case was selected for scrutiny under CASS for the reason ‘abnormal increase in cash deposit during the demonetization period as compared to pre-demonetization period and higher turnover rep

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