ITAT Bangalore Remands Demonetization Period Cash Deposit Case

Chandrappa Nalina Vs ITO (ITAT Bangalore) In the case of Chandrappa Nalina vs. ITO, the primary issue revolves around cash deposits made during the demonetization period, totaling Rs. 19,24,000, which were treated as unexplained investments by the tax authorities. Here’s a breakdown of the key points discussed in the order of ITAT Bangalore: Assessee’s Background: Chandrappa Nalina operates a proprietorship business under the name M/s Harshitha Enterprises, dealing in the purchase and sale of biscuits and confectioneries. Assessment Proceedings: The assessment order was passed on 26/0...