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ITAT Deletes ₹12 Lakh Addition on Post-Demonetization SBN Deposits
Case Law Details
- Case Name
- Raju Rajesh 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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Raju Rajesh Vs ITO (ITAT Bangalore)
In the case of Raju Rajesh vs. ITO (ITAT Bangalore), the tribunal addressed the addition of ₹12 lakh under Section 68 of the Income Tax Act, related to cash deposits during the demonetization period. The assessee, engaged in the sale and service of computer peripherals, had deposited ₹12 lakh in Specified Bank Notes (SBNs) between November 9, 2016, and December 31, 2016. The Assessing Officer (AO) deemed the deposits as unexplained, citing a lack of authorization to accept SBNs post-demonetization. This addition was upheld by the Commissioner of Income T...
