No Section 68 Addition When Demonetization Cash Deposits Explained by Books: Allahabad HC

PCIT Vs Medharaj Techno Concept Pvt. Ltd. (Allahabad High Court) The Allahabad High Court dealt with an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate Tribunal (ITAT), Lucknow for Assessment Year 2017–18. The central issue before the Court was whether the Tribunal had correctly appreciated the evidence relating to cash deposits made by the assessee during the demonetisation period and whether deletion of addition under Section 68 was justified. The Revenue raised multiple substantial questions of law, including wh...