ITAT Pune Allows Partial Relief in Demonetization Cash Deposits Case

Tatyasaheb Narayan Lagad Vs ITO (ITAT Pune)  The case of Tatyasaheb Narayan Lagad vs. ITO before the ITAT Pune revolves around the assessment of cash deposits made during the demonetization period in 2016. The assessee, a partner in a firm with income from various sources including rent and partnership share, filed his income tax return for AY 2017-18 declaring ₹8.07 lakh. His case was flagged for limited scrutiny due to a ₹21.4 lakh cash deposit in old currency on 21.11.2016. The Assessing Officer (AO) questioned the source of these funds, and despite the assessee’s submission that the...