https://www.taxtmi.com/caselaws?id=764106 ITAT Mumbai ruled in favor of elderly female assessee regarding cash deposits during demonetization. Court held that addition under section 69A was unjustified as assessee demonstrated cash was withdrawn from bank accounts prior to demonetization announcement. Following CBDT instruction 3/2017, taxpayers above 70 years could deposit up to Rs. 5 lakh from household savings. Court recognized women's tendency to accumulate household cash and noted PM/CBDT policy allowing housewives to deposit up to Rs. 2.5 lakh without questioning. Bank statements sufficiently explained source of deposited amount, requiring no addition absent cogent evidence of undisclosed income. en-us Mon, 30 Dec 2024 00:00:00 +0530 Fri, 03 Jan 2025 08:45:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764106 ITAT Mumbai ruled in favor of elderly female assessee regarding cash deposits during demonetization. Court held that addition under section 69A was unjustified as assessee demonstrated cash was withdrawn from bank accounts prior to demonetization announcement. Following CBDT instruction 3/2017, taxpayers above 70 years could deposit up to Rs. 5 lakh from household savings. Court recognized women's tendency to accumulate household cash and noted PM/CBDT policy allowing housewives to deposit up to Rs. 2.5 lakh without questioning. Bank statements sufficiently explained source of deposited amount, requiring no addition absent cogent evidence of undisclosed income. Case-Laws Income Tax Mon, 30 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764106