New Delhi, Nov. 9 -- An insurance agent who deposited over Rs.35 lakh in cash during demonetisation won an income-tax dispute after the Income Tax Appellate Tribunal (ITAT), Jaipur, accepted that the money represented premiums collected from policyholders and not his unexplained income.

In Surendra Kumar Sharma vs Income Tax Officer, the tribunal, in an order dated 1 October 2026, directed the tax department to delete an addition of Rs.35,08,550 made under Section 69A of the Income-tax Act, 1961.

The dispute arose after the tax department questioned cash deposits made by Sharma, a general insurance commission agent from Rajasthan, during the demonetisation period in assessment year 2017-18. Sharma maintained that the money belonged to c...