https://www.taxtmi.com/caselaws?id=456228 The ITAT allowed the appeal, deleting the additions made by the AO. The Tribunal found the explanation regarding the Rs. 60,000 cash deposit in Punjab National Bank plausible, as the assessee's wife was a regular tax filer. For the Rs. 2,23,000 deposited during demonetization in Canara Bank, the Tribunal applied a CBDT Instruction, noting the deposits were within the permissible threshold, thus warranting deletion of the addition. The Tribunal's decision was grounded in a comprehensive analysis of facts, legal provisions, and CBDT guidelines. en-us Tue, 20 Sep 2022 00:00:00 +0530 Mon, 08 Jul 2024 20:19:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456228 The ITAT allowed the appeal, deleting the additions made by the AO. The Tribunal found the explanation regarding the Rs. 60,000 cash deposit in Punjab National Bank plausible, as the assessee's wife was a regular tax filer. For the Rs. 2,23,000 deposited during demonetization in Canara Bank, the Tribunal applied a CBDT Instruction, noting the deposits were within the permissible threshold, thus warranting deletion of the addition. The Tribunal's decision was grounded in a comprehensive analysis of facts, legal provisions, and CBDT guidelines. Case-Laws Income Tax Tue, 20 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456228