Cash Deposits during Demonetization: ITAT confirms Addition of ₹1.10 Cr u/s 69A and 115BBE of Income Tax Act

The ITAT has confirmed an addition of ₹1.10 crore under Sections 69A and 115BBE of the Income Tax Act for cash deposits during demonetization. The case involved a taxpayer who made substantial cash deposits during the demonetization period, which were flagged by the authorities. The tribunal ruled that the deposits were unexplained and upheld the addition to the taxpayer's income. This decision reinforces the government's stance on monitoring large cash transactions and ensures that individuals who do not provide adequate documentation for such deposits are penalized accordingly.