Source of Demonetization Deposits Substantiated: ITAT Deletes Addition

Pukhraj Nathmal Jain Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) in the case of Pukhraj Nathmal Jain vs. Income Tax Officer (ITO) in Mumbai dealt with the appeal against the order of the Commissioner of Income Tax (Appeals) (CIT(A)) for the assessment year 2017-18. The appellant, engaged in wholesale and retail trading of cloth, declared an income of Rs. 3,31,710 for the year. During the demonetization period, the appellant deposited Rs. 39,34,000 in the bank account, which the Assessing Officer (AO) treated as unexplained income under Section 69A or Section 68 of the Income ...