Demonetisation Deposits Explained by Opening Balance: ITAT Delhi Deletes 68 Addition

DCIT Vs Nivaya Resources Pvt. Ltd. (ITAT Delhi) Cash Deposits During Demonetisation Explained by Opening Imprest Balance: ITAT Delhi Rejects Section 68 Addition The Delhi Bench of the ITAT dismissed the Revenue’s appeal and partly allowed the assessee’s cross-objection in a case involving cash deposits made during the demonetisation period. The Assessing Officer had treated cash deposits of ₹2.12 crore as unexplained under section 68, alleging that the assessee failed to justify the source and also rejected the books under section 145(3). The Tribunal upheld the CIT(A)’s finding that t...