Demonetisation Cash Deposits

Income Tax

ITAT Delhi Upholds Rs 1.34 Crore Addition on Demonetisation Cash Deposits And Holds Purchase Transactions Non-Genuine | Biz Flow Kit
Byadmin June 8, 2026

ITAT Delhi Upholds Rs 1.34 Crore Addition on Demonetisation Cash Deposits And Holds Purchase Transactions Non-Genuine The Income Tax Appellate Tribunal (ITAT) Delhi, dismissed assessee’s appeal and sustains addition under Section 69A after finding inconsistencies in cash sales and due to lack of supporting evidence for purchases The assessee under the name Garima Leather Exports,…

Read More ITAT Delhi Upholds Rs 1.34 Crore Addition on Demonetisation Cash Deposits And Holds Purchase Transactions Non-Genuine | Biz Flow Kit
Income Tax

No Additional Sustainable Cash When Deposits Are Properly Recorded in Books: ITAT | Biz Flow Kit
Byadmin May 28, 2026

No Additional Sustainable Cash When Deposits Are Properly Recorded in Books: ITAT ITAT deleted the addition on demonetisation cash deposits after finding that the assessee had adequately explained the source through the recorded opening cash balance and agricultural income. The present case is filed by Ambalal Shambhudas Patel against the order of the Commissioner of…

Read More No Additional Sustainable Cash When Deposits Are Properly Recorded in Books: ITAT | Biz Flow Kit
Income Tax

ITAT Deletes Demonetisation Addition; Accepts Explained Family Cash Source | Biz Flow Kit
Byadmin April 18, 2026

ITAT Deletes Demonetisation Addition; Accepts Explained Family Cash Source The assessee, an NRI individual, did not file a return of income for AY 2017-18. Based on information gathered under “Operation Clean Money,” the Assessing Officer noted cash deposits of Rs 14 lakh during the demonetisation period and treated the same as unexplained income under Section…

Read More ITAT Deletes Demonetisation Addition; Accepts Explained Family Cash Source | Biz Flow Kit
Income Tax

Validates Cash Deposits During Demonetisation Sourced From Assessee’s Deceased Mother; Deletes Sec. 69A Addition | Biz Flow Kit
Byadmin April 7, 2026

ITAT: Validates Cash Deposits During Demonetisation Sourced From Assessee’s Deceased Mother; Deletes Sec. 69A Addition The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed an appeal filed by Jamshed Naval Karanjia against the Commissioner of Income Tax for Assessment Year 2017-18 and deleted an addition of Rs 6.70 lakh made in respect of…

Read More Validates Cash Deposits During Demonetisation Sourced From Assessee’s Deceased Mother; Deletes Sec. 69A Addition | Biz Flow Kit
Income Tax

ITAT Deletes Section 69A Addition on Demonetisation Cash Deposits After Estimating Liquor Business Profits | Biz Flow Kit
Byadmin March 1, 2026

ITAT Deletes Section 69A Addition on Demonetisation Cash Deposits After Estimating Liquor Business Profits The appellant, Dakappagari Naveen Kumar, an individual deriving income from agriculture and a kirana business, filed his return for A.Y. 2017-18 declaring a total income of Rs. 3,41,560. Following the 2016 demonetization, the taxpayer deposited Rs. 16,50,000 in Specified Bank Notes…

Read More ITAT Deletes Section 69A Addition on Demonetisation Cash Deposits After Estimating Liquor Business Profits | Biz Flow Kit