https://www.taxtmi.com/caselaws?id=775041 ITAT Ahmedabad partially allowed the assessee's appeal regarding unexplained cash deposits during demonetization. The assessee deposited Rs. 5,00,000 in a joint account on 10.11.2016. The tribunal applied CBDT's SOP guidelines, holding that cash deposits up to Rs. 2,50,000 by non-business individuals should be treated as prima facie explained without further verification, absent exceptional circumstances indicating concealment. The tribunal found the assessee's explanation regarding household cash and personal withdrawals plausible for half the amount. However, lacking documentary evidence for the remaining Rs. 2,50,000 and absence of personal cash records, the tribunal upheld the addition under section 69 for this portion. The total addition was reduced from Rs. 5,00,000 to Rs. 2,50,000, granting partial relief to the assessee. en-us Tue, 15 Jul 2025 00:00:00 +0530 Wed, 16 Jul 2025 13:08:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775041 ITAT Ahmedabad partially allowed the assessee's appeal regarding unexplained cash deposits during demonetization. The assessee deposited Rs. 5,00,000 in a joint account on 10.11.2016. The tribunal applied CBDT's SOP guidelines, holding that cash deposits up to Rs. 2,50,000 by non-business individuals should be treated as prima facie explained without further verification, absent exceptional circumstances indicating concealment. The tribunal found the assessee's explanation regarding household cash and personal withdrawals plausible for half the amount. However, lacking documentary evidence for the remaining Rs. 2,50,000 and absence of personal cash records, the tribunal upheld the addition under section 69 for this portion. The total addition was reduced from Rs. 5,00,000 to Rs. 2,50,000, granting partial relief to the assessee. Case-Laws Income Tax Tue, 15 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775041