Cash deposits made during demonetisation not taxable if disclosed, rules

The Delhi bench of the ITAT ruled in favour of senior citizens Nand Kumar Taneja and Nita Taneja, setting aside tax additions of ₹24.72 lakh and ₹17.45 lakh, respectively, for the assessment year 2015–16. Tax authorities had invoked Section 69A of the Income Tax Act, which permits the taxation of unexplained income, alleging that the deposits made by the assessees were not properly accounted for.

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