Section 115BBE Inapplicable After Cash Credit Deletion

Lokendra Kumar Gautam Vs ITO (ITAT Agra) Re-deposit of Earlier Withdrawals Accepted; ₹1.24 Crore Demonetisation Cash Addition u/s 68 Deleted – ITAT Agra The Agra Bench of the ITAT allowed the assessee’s appeal and deleted the addition of ₹1.24 crore made under section 68 read with section 115BBE on account of cash deposits during the demonetisation period for AY 2017-18. The assessee, engaged in manufacturing and trading of pan masala and zarda, had withdrawn large sums from his disclosed business bank account during July–August 2016 and subsequently re-deposited ₹1.23 crore in Nov...