The Agra bench of ITAT said that post-demonetisation, if a housewife has deposited cash up to Rs 2.5 lakh, it will not come under the scrutiny of the Income Tax Department.
Big relief to women from Income Tax Department.
The women of the country have got a big relief from the Income Tax Department. Hearing in a case, the Agra Bench of the Income Tax Appellate Tribunal (ITAT) said that if a woman has deposited cash up to Rs 2.5 lakh after demonetisation, then the tax department will not take any action against her. Such deposits will not be treated as income.
Giving its verdict on the petition filed by a person, the Agra Bench of ITAT said that this order will be treated as a precedent 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.
Income Tax Department treated it as income
The Income Tax Department took up the matter for investigation and the assessee was asked to explain the additional cash deposit amounting to Rs 2.11 lakh. Aggarwal told that from the amount given by her husband, son, relatives for the family, she deposited the above amount as savings. The CIT (Appeals) did not accept this explanation and confirmed the order of the Assessing Officer treating the cash deposit of Rs 2,11,500 as unexplained money. After this Aggarwal knocked on the door of ITAT.
The contribution of women in the family is incomparable
The tribunal, after going through all the facts and arguments, said, “We are of the view that the amount deposited by the Assessee during demonetisation cannot be treated as their income. Therefore their appeal is justified.” The tribunal also said that the contribution of housewives in the family is incomparable.
If deposited during demonetisation, you will get benefit
While giving exemption to women who deposited up to Rs 2.50 lakh during demonetisation, ITAT said, “We clarify that this decision has been taken against the action taken by housewives to deposit cash up to the limit of Rs 2.5 lakh during Demonetization Scheme 2016. An example can be taken in relation to this.
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