Addition for Cash deposit during demonetization by agriculturist: ITAT allows partial relief

Venugopal Rao Vs ITO (ITAT Hyderabad) The case of Venugopal Rao versus Income Tax Officer (ITO) before the Income Tax Appellate Tribunal (ITAT) in Hyderabad concerns the addition for cash deposits made during the demonetization period by an agriculturist, Venugopal Rao. The ITAT granted partial relief to the assessee. Background: The Commissioner of Income Tax (Appeals) invoked proceedings under section 144 of the Income Tax Act, 1961, against Venugopal Rao for the assessment year 2017-18 due to cash deposits totaling Rs. 11,08,310 made during the demonetization period. Despite notices issued,...