Relief for Senior Citizen: ITAT Limits Cash Deposit Addition, Cites Madras HC Ruling on 115BBE

Subashini Sood Vs DCIT (ITAT Delhi) Relief for Senior Citizen: ITAT Limits Cash Deposit Addition, Cites Madras HC Ruling on 115BBE Assessee filed her return declaring income of Rs.2,72,210/-. During scrutiny, AO noticed cash deposits of Rs.11,47,000/- made in December 2016 during demonetization. Not satisfied with her explanation, AO treated the sum as unexplained money u/s 69A & taxed the same u/s 115BBE @ 60%, enhancing income to Rs.14,19,210/-. CIT(A) confirmed the addition. Before Tribunal, it was argued that deposits came from past withdrawals made in FYs 2012-13 & 2013-14, kept a...