Addition of Cash Deposits During Demonetization: ITAT Quashes Addition Based on Tuition Income and Marriage Gifts

ITAT has quashed the addition of cash deposits during demonetization based on tuition income and marriage gifts. This decision highlights the importance of providing credible explanations for cash deposits. The tribunal's ruling ensures that genuine sources of income are not disregarded. This judgment protects taxpayers from unwarranted additions. The ruling underscores the need for fair tax assessments.