Retd IAS officer’s Demonetization Cash Deposit Addition of ₹23.33 Lakh Cut to 50%: ITAT applies 30% Tax u/s 115BBE

The ITAT has ruled on a "demonetization cash deposit" by a retired IAS officer, cutting an addition of ₹40 lakh and applying tax under Section 115BBE. The tribunal's decision provides a significant victory for the taxpayer. The ruling clarifies that a tax authority cannot add an income to a taxpayer's account without a valid reason.