ITAT deletes addition for duly explained cash deposit

Kamlesh Vasant Nerkar Vs CIT (ITAT Mumbai) Introduction: In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Mumbai pronounced a judgment in the case of Kamlesh Vasant Nerkar Vs CIT, providing relief to the taxpayer. The core issue revolves around the additions made by the Assessing Officer (AO) even when the income had been sufficiently elucidated by the assessee. Background of the Case: The assessee, Kamlesh Vasant Nerkar, was under scrutiny for not filing his Return of Income for AY 2013-14 and not disclosing a transaction involving the purchase of immovable property. The AO a...