ITAT Deletes ₹12 Lakh Addition on Post-Demonetization SBN Deposits

Raju Rajesh Vs ITO (ITAT Bangalore) In the case of Raju Rajesh vs. ITO (ITAT Bangalore), the tribunal addressed the addition of ₹12 lakh under Section 68 of the Income Tax Act, related to cash deposits during the demonetization period. The assessee, engaged in the sale and service of computer peripherals, had deposited ₹12 lakh in Specified Bank Notes (SBNs) between November 9, 2016, and December 31, 2016. The Assessing Officer (AO) deemed the deposits as unexplained, citing a lack of authorization to accept SBNs post-demonetization. This addition was upheld by the Commissioner of Income T...