Re-Deposits of Cash in Hand during Demonetisation: ITAT deletes ₹18.25 Lakh Addition [Read Order]
The AO had only considered the cash withdrawn in the three weeks leading up to demonetisation, leading to the disallowance of the remaining amount
By Manu Sharma - On October 17, 2024 7:31 pm - 2 mins read
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) checked cash deposits made during the demonetisation period, ultimately deleting an addition of ₹18.25 lakh imposed by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961. The assessee in this case, a civil construction firm, had deposited ₹39 lakh into its…
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