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<\/i> Income tax <\/a> ITAT Cancels Tax Addition on Demonetization Cash Deposits <\/h1> <\/div>
This blog post provides a detailed analysis of a significant Income Tax Appellate Tribunal (ITAT) ruling that cancelled a â‚¹10.46 lakh tax addition against a senior citizen. The case involves a large cash deposit made during the 2016 demonetization period, which the Assessing Officer had treated as unexplained money under Section 69A. The article explains the taxpayer's defenseâ€”that the cash was an accumulation of prior bank withdrawalsâ€”and breaks down the ITAT's reasoning, which centered on the \"preponderance of probabilities\" and the lack of contrary evidence from the revenue. The post highlights key takeaways for taxpayers, emphasizing the importance of plausible explanations and proper documentation. <\/p>
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<\/div> Krishna Gopal Varshney <\/a>
An editor at Myitronline<\/p> <\/div>

Aug 25, 2025<\/li>
5 min read<\/li>
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This blog post provides a detailed analysis of a significant Income Tax Appellate Tribunal (ITAT) ruling that cancelled a â‚¹10.46 lakh tax addition against a senior citizen. The case involves a large cash deposit made during the 2016 demonetization period, which the Assessing Officer had treated as unexplained money under Section 69A. The article explains the taxpayer's defenseâ€”that the cash was an accumulation of prior bank withdrawalsâ€”and breaks down the ITAT's reasoning, which centered on the \"preponderance of probabilities\" and the lack of contrary evidence from the revenue. The post highlights key takeaways for taxpayers, emphasizing the importance of plausible explanations and proper documentation.

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Krishna Gopal Varshney <\/a><\/h4> An editor at Myitronlinenews<\/small> <\/div> View Articles<\/a> <\/div>
Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business\/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates. <\/p> <\/div> <\/div>

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