Cash deposits of up to Rs 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as the Income Tax Appellate Tribunal (ITAT) has held that such deposits cannot be treated as income of the assessee.
Ruling on an appeal filed by an individual, the Agra bench of ITAT said the order would act as a precedent for all similar cases.
The appellant, a housewife Uma Agrawal of Gwalior, had declared total income of Rs 1,30,810 in her income tax return filed for fiscal 2016-17. However, post demonetisation, the assessee deposited the Rs 2,11,500 cash in her bank account.