ITAT Bangalore Grants Partial Relief on Demonetisation Cash Deposit

Haralur Narayana Reddy Nagaraj Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, on June 9, 2025, provided partial relief to assessee Haralur Narayana Reddy Nagaraj, reducing an unexplained cash deposit addition by ₹10.50 lakh. The case involved cash deposits made during the demonetisation period in Assessment Year 2017-18, where the assessee claimed the funds originated from prior bank withdrawals. The case began when the assessee filed his return of income, which was selected for limited scrutiny due to a cash deposit of ₹16,50,000 in his Karnataka Bank a...