Demonetization Cash Deposit: ITAT Bangalore Orders Merit-Based Review

JB Dairy Farms Private Limited Vs ITO (ITAT Bangalore)

Income Tax Appellate Tribunal (ITAT) Bangalore recently allowed an appeal filed by JB Dairy Farms Private Limited, remanding a case concerning cash deposits made during the demonetization period back to the Assessing Officer (AO). The dispute centered on an addition of Rs. 1,06,16,000 under Section 69A of the Income Tax Act, 1961, treated as unexplained money. This amount represented cash deposits made by the dairy farm into its Syndicate Bank account during the financial year 2016-17, with Rs. 89,00,

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