Case Law Analysis
|Income Tax Appellate Tribunal
Section 68 IT Act | 50% of Cash Deposits During Demonetization Presumed Genuine If Assessee Explains as Past Savings : ITAT Delhi
ITAT Delhi rules that where an assessee explains cash deposits during demonetization as past savings, 50% must be accepted as genuine, limiting additions under Section 68. The decision sets a precedent for income tax appeals, shifting the burden of proof on unexplained cash deposits and curtailing arbitrary disallowances.