Income Tax Appeal on Demonetization Deposits: Case Number ITA 1445/DEL/2022

Introduction

The Income Tax Appellate Tribunal, Delhi Bench ‘SMC’, witnessed a notable appeal case, ITA No. 1445/Del/2022, filed by Saurabh Jha against the order of the ld. CIT(A), NFAC, Delhi dated 22.04.2022 concerning the assessment year 2017-18. This case revolves around the challenging additions made during the demonetization period.

Background of the Case

Saurabh Jha, the appellant, contended against the addition of Rs.10,40,500 to his income during the demonetization period, arguing that these were the cumulative savings of his family, including funds from his late wife, Smt. Deepti Jha, intended for protection during the turbulent demonetization phase…

Arguments Presented

The appellant presented several arguments, emphasizing that…

Banking Transactions

Detailed scrutiny of the bank statements revealed…

Ledger Entries and Withdrawals

The pattern of deposits and withdrawals…

Judgment and Conclusion

After careful consideration of the arguments and evidences, the tribunal…

Implications of the Verdict

The tribunal’s decision to allow the appeal sheds light on…

Analysis of Legal Precedents

This case also examines various legal precedents…

Conclusion

This landmark judgment not only provides clarity on the taxation implications of demonetization deposits but also sets a precedent for similar cases, offering insights into the interpretation of relevant sections of the Income Tax Act, 1961.

Income Tax Appeal on Demonetization Deposits: Case Number ITA 1445/DEL/2022