Assessee is\u00a0 a medical practitioner. The assessee had deposited substantial amount of cash in bank which was in form of specified bank notes (SBN) during demonetization.\u00a0 The\u00a0 Assessing Officer\u00a0 considered deposits as unexplained income of assessee and made additions under section 68. CIT(A) affirmed the addition. On appeal\u00a0\u00a0 the Tribunal held that once source from regular books was considered as explained and assessee had merely deposited that sourced income in SBN, that income could not be considered as unexplained. Addition is deleted.\u00a0 (AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68: Cash credits-Cash deposited in the Bank-Demonetization period-Merely because assessee had deposited said sourced income in form of SBNs during demonetization, same could not be considered as unexplained cash credits. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-50566","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-d9A","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=50566"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50566\/revisions"}],"predecessor-version":[{"id":53697,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50566\/revisions\/53697"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}