ITAT Deletes Addition of Cash Deposits During Demonetisation, Accepts Rental Income Source

Bibhu Prasad Sahoo Vs ITO (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, adjudicated an appeal filed by the assessee, Bibhu Prasad Sahoo, against the addition of ₹1,31,465 to his income for Assessment Year (AY) 2017-18. This amount represented cash deposited into the assessee’s bank account during the demonetisation period and was treated as unexplained cash by the Income Tax Department. Factual Background and Lower Authority Findings The assessee, an individual with a declared income primarily consisting of rental income from house property (₹7,15,295 on tot...