Cash deposits out of earlier withdrawal not entirely exempt from taxation

Hemavathi Ramesh Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT) Bangalore recently made a landmark ruling in the case of Hemavathi Ramesh vs the Income Tax Officer (ITO), reinforcing that cash deposits derived from earlier deposits are not entirely exempt from taxation. The judgement pertained to the Assessment Year 2017-18, in the aftermath of the demonetization period in India. In this case, the ITAT Bangalore examined a situation where an individual’s cash deposits, primarily from house property and other sources, were scrutinized under the Income Tax Act, 1961. The ...