Unexplained Cash Deposit during Demonetization: ITAT directs Assessee to Establish Genuineness [Read Order]
The tribunal stressed the need for the appellant to substantiate his claims with proper documentation, including bank statements, invoices, and proof that the deposits were indeed part of his business turnover and not an attempt to launder old currency
By Varda Marakkar - On September 27, 2024 4:42 pm - 2 mins read
In a ruling recently, the Income Tax Appellate Tribunal ( ITAT ) of Bangalore, directed an individual assessee to substantiate the genuineness of a large cash deposit made during the 2016 demonetization period. The tribunal’s order came in response to an appeal filed by the assessee, who was contesting the addition of over ₹50 lakh…
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