Section 68 Addition Quashed as Cash Source Was Fully Traceable: ITAT Agra

Rakesh Kumar Sharma Vs ITO (ITAT Agra) Cash Re-deposit from Prior Withdrawals Accepted; ₹1 Crore Addition u/s 68 Deleted and Adhoc Disallowances Reduced – ITAT Agra The Agra Bench of the ITAT partly allowed the appeal of a contractor for AY 2017-18 and granted major relief by deleting the addition of ₹1 crore made under section 68 on account of cash deposits during the demonetisation period, while substantially reducing ad-hoc disallowances. The assessee had deposited ₹1 crore on 10.11.2016. The Assessing Officer treated it as unexplained under section 68 and applied section 115BBE, al...