SBNs deposits Not Taxable Again as Cash Credits in Wine Trader Case: ITAT Bangalore

Venkataramaiah Kumar Kiran Vs ITO (ITAT Bangalore) SBNs May Be Invalid Tender, But Not Invalid Sales: Not Taxable Again as Unexplained Cash Credit ITAT Gives Relief to Wine Trader Assessee, proprietor of M/s Tejaswini Wines, Bengaluru, filed return declaring income of ₹15,75,690. The case was selected for scrutiny on account of large cash deposits during the demonetization period. AO noticed that out of total cash deposits of ₹55,08,100 between 08.11.2016 & 31.12.2016, a sum of ₹36,31,000 represented Specified Bank Notes (SBNs). Treating the same as illegal tender, AO invoked s.68 &a...