ITAT Jaipur deletes tax addition on ₹35.09 lakh cash deposits
In short
ITAT Jaipur deleted a tax addition on an insurance agent’s ₹35.09 lakh cash deposits made during demonetisation.
Records showed the money came from policyholder premiums, not unexplained income. The decision removed the tax addition that had been made earlier.
What the reporting says
ITAT Jaipur deleted a tax addition after an insurance agent’s ₹35.09 lakh cash deposits during demonetisation were found to come from policyholder premiums. The tribunal accepted records showing the cash was collected from customers and then deposited into the bank account. The ruling reversed the unexplained-income treatment applied earlier.
Why it matters
ITAT Jaipur deleted the addition on an insurance agent’s ₹35.09 lakh cash deposits made during demonetisation after accepting records that the money came from policyholder premiums. The case matters for taxpayers and tax authorities because it addresses when cash deposited in a bank account can be treated as unexplained income. The outcome reduced the tax burden in this case.