Demonetization Deposit from agricultural income: ITAT Deletes Addition

Shree Bhagwati Farms Vs DCIT (ITAT Jaipur) Income Tax Appellate Tribunal (ITAT), Jaipur Bench, has provided relief to Shree Bhagwati Farms, by deleting an addition of Rs. 12,25,000/- made by the Assessing Officer (AO) and partially sustained by the Commissioner of Income-Tax (Appeals) [CIT(A)] for the assessment year 2017-18. The dispute centered on cash deposits made during the demonetization period, which the revenue authorities had treated as unexplained money under Section 69A read with Section 115BBE of the Income Tax Act, 1961. The core of the appeal challenged the lower authorities̵...