Landlord Wins Tax Case Over Rs 14.96 Lakh Cash Deposits During Demonetisation

Times of India · business

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has ruled in favour of a landlord who deposited Rs 14.96 lakh in cash during demonetisation. The landlord had claimed the funds were accumulated from disclosed rental income and other sources over time. Despite the Assessing Officer classifying the deposit as 'unexplained money' under Section 69A, the ITAT deleted the addition. The tribunal clarified that disclosed rental receipts and cash flow must be considered when examining such deposits, even if collected in cash.