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ITAT Orders Reassessment of Post-Demonetization Cash Deposits
Case Law Details
- Case Name
- B.K. Rajanna Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Bangalore
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B.K. Rajanna Vs ITO (ITAT Bangalore)
In B.K. Rajanna vs. ITO, the Bangalore ITAT addressed a dispute over cash deposits made during the demonetization period. The taxpayer, a bar and restaurant owner, deposited ₹44.83 lakh in cash, including ₹24.44 lakh in Specified Bank Notes (SBNs). The Assessing Officer (AO) held that the taxpayer was not authorized to accept SBNs after November 8, 2016, and added ₹9.50 lakh as unexplained cash under Section 68 of the Income-tax Act, subjecting it to a higher tax rate under Section 115BBE. The CIT(A) upheld this assessment, rejecting the taxpayer’s ...
