All deposits during demonetization should not be presumed unaccounted: ITAT Bangalore

Narayanappa Munikrishnappa Vs ITO (ITAT Bangalore) This appeal, filed by the assessee Narayanappa Munikrishnappa, challenges the order issued by the National Faceless Assessment Centre (NFAC) under Section 250 of the Income Tax Act, 1961. The contested assessment pertains to the financial year 2017-18, with the NFAC’s order dated December 7, 2023. The appellant presented several grounds for appeal, primarily disputing the addition of Rs. 18,61,774/- to his taxable income as unexplained cash deposits. Grounds of Appeal Opposition to the NFAC’s Order: The appellant contends that the...