The ITAT adjudicated on unexplained cash deposits under section...

The ITAT adjudicated on unexplained cash deposits under section 69A read with section 115BBE during the demonetization period involving an assessee from an agriculturist family with income solely from agriculture. Considering the cash disclosed in the 'J' Form, agricultural produce sales outside the mandi, and reasonable expenses from April to October 2016, the tribunal held that Rs. 8 lakh of the total Rs. 9.5 lakh bank deposit on 15.11.2016 was justifiably available to the assessee. Consequently, the addition was restricted to Rs. 1.5 lakh. The appeal was partly allowed, granting the assessee relief by reducing the addition to income on account of unexplained cash deposits.

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