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Informative

Unexplained Cash Deposit during Demonetization: ITAT directs Assessee to Establish Genuineness

Update / Judgement Date

27 Sept 2024

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Income Tax

Unexplained Cash Deposit During Demonetization: ITAT Directs Assessee to Establish Genuineness The ITAT directed an assessee to prove the genuineness of cash deposits made during the demonetization period. The tribunal emphasized that large cash deposits, especially during times of policy changes like demonetization, must be supported by credible evidence. The ruling highlights the burden on taxpayers to justify unexplained transactions, particularly during periods when stringent tax scrutiny is applied.