Past Savings Justify Cash Deposits During Demonetization: ITAT Lucknow

Jai Singh Vs ITO (ITAT Lucknow) ITAT Lucknow held that cash deposits out of the past savings during demonetization being reasonable and as per social standing of the assessee is justifiable. Accordingly, appeal of the assessee allowed and addition is directed to be deleted. Facts- Matter involved herein is with regard to addition of Rs. 1,41,78,000/- towards unexplained income under section 69A of the Income Tax Act. Notably, out of the said amount, an amount of Rs.1,36,00,000/- was deposited in the assessee’s bank account pertaining to proprietary business of travel agent. The remaining amo...