ITAT Remands Cash Deposit Addition Case due to Lack of Merit-Based Adjudication

Krishnakumar Devaraj Vs ITO (ITAT Chennai) The assessee, an individual, challenged the order of the Commissioner of Income Tax (Appeals), NFAC, Delhi, dated 28.01.2026 for the Assessment Year 2019-20. Reassessment proceedings were initiated under the Income-tax Act, 1961, during which the Assessing Officer observed that the assessee had deposited cash amounting to Rs.18,03,956 in bank accounts maintained with Dhanalakshmi Bank and Disha Microfin Limited. It was also noted that the assessee had earned interest income of Rs.2,59,029 from various banks. According to the Assessing Officer, despite...