Cash Deposits during Demonetisation: ITAT deletes Addition u/s 69A of Income Tax Act

The ITAT ruled that cash deposits made during the demonetization period cannot be added to taxable income under the Income Tax Act. The tribunal found that there was no sufficient evidence to prove that the cash deposits were unaccounted income. The ruling clarified that the deposits made during the demonetization period, when currency notes were being withdrawn, could not be presumed as illegal or undeclared income without solid proof. This decision provides relief to taxpayers who made legitimate deposits during demonetization, reinforcing the importance of evidence-based assessments.