Section 69 addition unjustified on Late Demonetisation Cash Deposit

Raj Kumar Vs ACIT (ITAT Delhi) In the case of Raj Kumar Vs ACIT, the Income Tax Appellate Tribunal (ITAT), Delhi, ruled against the confirmation of an addition of Rs. 35 lakh under section 69A of the Act, arguing that the addition was based on a cash deposit made during the demonetisation period. The tribunal considered the detailed submissions of the assessee, which included cash flow details from FY 2011-12 to 2016-17 and month-wise cash deposits. The assessee contended that the deposited amount was much lesser than the available cash in hand, rendering the addition unwarranted. The tribunal...