Cash deposits during demonetization: ITAT deletes addition of duly explained deposit

Konathala Nooku Naidu Vs ITO (ITAT Visakhapatnam)

In the case of Konathala Nooku Naidu vs. Income Tax Officer (ITAT Visakhapatnam), the appeal was filed by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [Ld. CIT(A)-NFAC] regarding the assessment year 2017-18 under the Income Tax Act, 1961.

The facts of the case are as follows: The assessee, an individual, filed their income tax return for the AY 2017-18 on 23/01/2018, declaring a total income of Rs. 5,28,089/- under ‘Short Term Capital Gains’ [STCG]

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