Cash deposit outside relevant assessment year cannot be considered for assessment

Rakesh Reddy Keshanna Vs ITO (ITAT Hyderabad) In a noteworthy judgment dated December 26, 2023, the Income Tax Appellate Tribunal (ITAT) Hyderabad bench addressed a significant concern related to the assessment of cash deposits made outside the relevant assessment year. The case, Rakesh Reddy Keshanna Vs Income Tax Officer (ITO), centered around the addition of Rs. 20 lakhs to the income of the assessee by the Assessing Officer due to deposits made during the demonetization period and shortly thereafter. Background of the Case The appellant, Rakesh Reddy Keshanna, faced scrutiny for deposits t...