New Delhi: Cash amount up to Rs 2.5 lakh deposited by housewives after demonetisation will not come under the purview of income tax inquiry (IT probe) as the Income Tax Appellate Tribunal (ITAT) has said that such deposits cannot be treated as income. Ruling on a petition filed by a person, a Agra bench of ITAT said that the order will be considered as an example for all such cases.
Uma Agarwal, a housewife from Gwalior, had declared a total income of Rs 1,30,810 in her income tax return for the financial year 2016-17, while after demonetisation she deposited Rs 2,11,500 in cash in her bank account. The Income Tax Department (IT Department) selected the case for investigation and was asked to explain an additional cash deposit of Rs 2.11 lakh from the assessee.
Agarwal said she had deposited the above amount as savings from the money given by her husband, son, relatives to the family. The CIT (Appeal) did not accept the explanation and confirmed the order of the Assessing Officer considering the cash deposit of Rs. Agarwal then approached the ITAT. After looking at all the facts and arguments, the Tribunal said, "We say that the amount deposited by the assessee during demonetisation cannot be treated as their income".
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