Cash Deposit out of Gold Loan during Demonetization, duly Explained: ITAT deletes Addition

The Income Tax Appellate Tribunal (ITAT) deleted an addition made during demonetization, accepting the explanation that the cash deposit originated from a gold loan. The tribunal found the explanation satisfactory and ruled that the deposit was duly explained, thus not liable for additional tax. This decision underscores the importance of providing credible explanations for cash deposits during the demonetization period to avoid unwarranted tax additions.