Consider Only Profit Element, Not Entire Cash Deposit as taxable- ITAT

Rama Mepa Odedara Vs ITO (ITAT Rajkot) Introduction: In the case of Rama Mepa Odedara Vs ITO, the Income Tax Appellate Tribunal (ITAT) considered an appeal regarding the addition of cash deposits under section 69A of the Income Tax Act, 1961. The appellant challenged the initiation of proceedings under section 147 and the addition of unexplained money. The ITAT analyzed the facts, the legal precedents, and the appellant’s contentions. Analysis: The appellant’s appeal centered around two main issues. Firstly, the challenge to the initiation of proceedings under section 147 of the In...