ITAT Bangalore Rules Rental Income Valid for Demonetisation Cash Deposits

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) ruled that rental income already disclosed to tax authorities can justify cash deposits made later, including demonetisation deposits. The tribunal stated that even if a landlord collects rent in cash, the subsequent bank deposit of that money cannot be ignored simply because the rental income has been previously taxed.

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