No tax on housewives who deposited less than Rs. 2.50 lakhs cash during demonetization : Agra ITAT

INCOME TAX : Section 69A – Cash deposit during demonetization – Assessment Year 2017-18 – During period of demonetization, assessee, a housewife, deposited cash of Rs. 2,11,500 in her bank account – During course of scrutiny assessment, she was asked to explain source of deposit – She submitted that she has no business activities and she only earns income from interest on her saving – The Assessing Officer made addition of total amount deposited in bank account – On appeal,INCOME TAX : Section 69A – Cash deposit during demonetization – Assessment Year 2017-18 – During period of demonetization, assessee, a housewife, deposited cash of Rs. 2,11,500 in her bank account – During course of scrutiny assessment, she was asked to explain source of deposit – She submitted that she has no business activities and she only earns income from interest on her saving – The Assessing Officer made addition of total amount deposited in bank account – On appeal,www.taxmann.com Latest Case LawsRead More

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