ITAT Directs AO to Accept 50% Demonetized Currency as Sale Proceeds

J. Kalappa Naidu Sons Vs ITO (ITAT Chennai) The case of J. Kalappa Naidu Sons vs. ITO (ITAT Chennai) revolves around the acceptance of demonetized currency by the assessee, contrary to the notification issued by the Reserve Bank of India (RBI). The Income Tax Appellate Tribunal (ITAT) in Chennai has directed the Assessing Officer (AO) to accept 50% of the cash deposits as sale proceeds and treat the remaining 50% as unexplained money. Background: The appellant, J. Kalappa Naidu Sons, is a wholesale distributor of ITC products, primarily cigarettes, located in Arni, Thiruvannamalai District. Th...