19/10/2022
Latest decision on cash deposited during Demonetisation :
1. Blanket exemption of Rs. 2.5 lakhs to be allowed per person in family and Rs. 5 lakh for senior citizen without verification.
2. The additional amount exceeding the Blanket exemption should be weighed against the criteria mentioned in the said Instruction of CBDT that is: (i) income earned during past years and its source, (ii) filing of Return of Income and income shown therein, (iii) cash withdrawals made by the assessee and should be allowed after appraisal.
