https://www.taxtmi.com/caselaws?id=751170 ITAT Raipur partly allowed the assessee's appeal regarding addition under section 69A for cash deposits during demonetization. The AO had restricted available cash-in-hand to Rs. 1 lakh, but ITAT determined the assessee, who had been filing returns since AY 2002-03, could have accumulated Rs. 2 lakh from savings over preceding years. ITAT calculated total available cash at Rs. 6,58,443 and reduced the sustained addition from the original amount to Rs. 8,41,557, modifying the CIT(Appeals) order accordingly. en-us Fri, 05 Apr 2024 00:00:00 +0530 Tue, 09 Apr 2024 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751170 ITAT Raipur partly allowed the assessee's appeal regarding addition under section 69A for cash deposits during demonetization. The AO had restricted available cash-in-hand to Rs. 1 lakh, but ITAT determined the assessee, who had been filing returns since AY 2002-03, could have accumulated Rs. 2 lakh from savings over preceding years. ITAT calculated total available cash at Rs. 6,58,443 and reduced the sustained addition from the original amount to Rs. 8,41,557, modifying the CIT(Appeals) order accordingly. Case-Laws Income Tax Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751170