https://www.taxtmi.com/caselaws?id=430045 ITAT allowed the appeal, holding that the assessee and spouse are entitled to a blanket exemption of Rs. 5,00,000 on unexplained cash deposits made during demonetization, based on CBDT instructions. The deposits represented past savings in a single joint account, with no evidence of unaccounted income or assets. The tribunal emphasized that amounts within the prescribed exemption limits (Rs. 2.5 lakh per person, Rs. 5 lakh for those above 70) need not be scrutinized. Considering the assessee's consistent filing history and submission of supporting evidence, no adverse inference was drawn. The balance amount was deleted, and the appeal was allowed. en-us Tue, 18 Oct 2022 00:00:00 +0530 Mon, 11 Aug 2025 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430045 ITAT allowed the appeal, holding that the assessee and spouse are entitled to a blanket exemption of Rs. 5,00,000 on unexplained cash deposits made during demonetization, based on CBDT instructions. The deposits represented past savings in a single joint account, with no evidence of unaccounted income or assets. The tribunal emphasized that amounts within the prescribed exemption limits (Rs. 2.5 lakh per person, Rs. 5 lakh for those above 70) need not be scrutinized. Considering the assessee's consistent filing history and submission of supporting evidence, no adverse inference was drawn. The balance amount was deleted, and the appeal was allowed. Case-Laws Income Tax Tue, 18 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430045