Business Receipts Not Unaccounted Money, ITAT Orders Recomputation

Smt. Saraniyaa Karthick Vs ITO (ITAT Chennai) Introduction: The Income Tax Appellate Tribunal (ITAT) Chennai’s recent decision in the case of Smt. Saraniyaa Karthick vs. ITO revolves around the estimation of additions to income based on cash deposits made by the assessee during the demonetization period. This article provides a detailed analysis of the ITAT’s decision and its implications. Detailed Analysis 1. Background: The appeal by the assessee pertains to the Assessment Year (AY) 2017-18 and challenges an assessment framed by the Assessing Officer (AO) under Section 144 of the...