Saturday, June 19, 2021

NO TAX ON LESS THAN RS.250000 DEPOSIT DURING DEMONITIZATION- ITAT AGRA

 

 ITAT Agra held that  Instruction No. 03/2017, dated 21-2-2017,to the Assessing Officers are statutory and binding on revenue, therefore the Assessing Officer can not tax cash deposit in bank account during Demonetization Scheme, 2016, as unexplained income , the amount less than  2.5 lakhs by and Housewife out her savings since last several years to meet family emergency needs in the case of  Smt Uma Aggarwal v ITO 1(3) Gwalior  [2021] 127 taxmann.com 735 (Agra - Trib.)