Section 69 Wrongly Invoked for Demonetisation Cash Deposits; Assessment Quashed: ITAT Raipur

Advertisement Suman Poptani Vs ITO (ITAT Raipur) The appeal arose from the order of the CIT(A)/NFAC dated 18.02.2026 for Assessment Year 2017-18. The assessee challenged an assessment framed under Section 143(3) of the Income-tax Act, 1961, in which an addition of ₹12,00,000 was made under Section 69 in respect of cash deposited during the demonetisation period. During the assessment proceedings, the assessee submitted computation of income, capital accounts for the relevant and preceding years, and stated that income was earned from boutique activities and interest on petty advances give...