The Income Tax Appellate Tribunal (ITAT), Agra bench consisting of Judicial Member Lalit Kumar and the Accountant Member Dr Mitha Lal Meena has ruled that cash deposit made by the housewives during the demonetization scheme 2016, cannot be subject to addition if such deposits are below Rs 2.5 lakh and such amount shall not be treated as income of the assessee.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The Tribunal was considering an appeal filed by a housewife, the assessee who deposited the cash of Rs 2,11,500 in the bank account during the demonetization period. It was the case of the assessee that she had collected/saved the above-said sum from her previous saving, given by her husband, son, relatives for the purposes of her and her family’s future.
India achieved the major milestone in defense innovation as AI powered combat aircraft 'Kaal Bhairava'…
Lieutenant Governor of the Ladakh Mr. Vinai Kumar Saxena inaugurated the high altitude irrigation canal…
Sahdev Yadav has been elected as the President of the South Asian Weightlifting Federation (SAWF).…
The European Union (EU) has included the India in its updated list of countries who…
India assumes the Chair of the Common Criteria Development Board (CCDB) for the 2026-28 term…
The Election Commission of India (ECI) has launched the Phase III of Special Intensive Revision…