ITAT directs AO to Re-Adjudicate disallowance of Demonetization Cash Deposits

ITO Vs Shri Chatrapati Shivaji (ITAT Bangalore) Introduction: The Income Tax Appellate Tribunal (ITAT) Bangalore heard an appeal filed by the Income Tax Officer (ITO) against Shri Chatrapati Shivaji. The case pertained to the assessment year 2017-18 and involved the disallowance of a deduction claimed under section 80P(2)(a)(i) and an addition made under sections 68/69A for unexplained cash deposits during demonetization. Background: Shri Chatrapati Shivaji, a cooperative society, filed its return of income declaring Nil income after claiming a deduction under section 80P(2)(a)(i). However, th...