Temple Vazhipadu vs Demonetisation: ITAT Deletes SBN Addition of Rs. 1.45 Lakh

Advertisement Mangottu Kavu Devaswom Vs ITO (ITAT Cochin) Assessee, a temple trust under Malabar Devaswom Board, filed return declaring Nil income. AO completed assessment u/s 143(3) & added Rs.1,45,000 being cash deposits of specified bank notes during demonetisation, holding that Assessee failed to substantiate that cash represented vazhipadu collections. CIT(A) confirmed the addition, relying on the fact that the amount was not reflected in closing cash balance as on 08.11.2016. Tribunal noted that Assessee had provided a plausible explanation that SBN deposits were temple vazhipadu ...