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Informative

ITAT sets aside Addition of Rs. 45.74 Lakh Cash Deposit during Demonetisation, Remands matter for fresh Examination

Update / Judgement Date

20 Apr 2025

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Appeal Against OrderIncome Tax

The ITAT (Income Tax Appellate Tribunal) set aside an addition of ₹45.74 lakh for cash deposits made during demonetization and remanded the matter for fresh examination. The tribunal likely found that the Assessing Officer's (AO) initial assessment of these deposits was not adequately justified or that the assessee was not given a proper opportunity to explain the source of the funds deposited during the demonetization period.