ITAT Grants Additional Opportunity to prove Demonetization Cash Deposit source

Krishna Murthy Vuppala Vs ITO (ITAT Hyderabad) In the case of Krishna Murthy Vuppala vs. ITO, the Hyderabad ITAT has rendered a significant decision regarding cash deposits during the demonetization period. The appellant, a proprietor of M/s. Krishna Provision Store, contested the addition of Rs.9,79,000/- under section 69A of the Income Tax Act. Despite challenges, the appellant sought an opportunity to substantiate the nature and source of the cash deposits, leading to a pivotal ruling. The appeal stemmed from the assessment year 2017-18, where the appellant’s return of income was scru...