ITAT Upholds Income Tax Addition for Unexplained Cash Deposit in Bank Account

Shri Mohan Vs ACIT (ITAT Chennai) Introduction: In a recent case, the Income Tax Appellate Tribunal (ITAT) in Chennai upheld an addition to an individual’s income tax due to their inability to explain the source of a substantial cash deposit in their bank account. This article provides a detailed analysis of the case of Shri Mohan vs. ACIT and the reasons behind the ITAT’s decision. Detailed Analysis: The case revolves around an individual, Shri Mohan, who was engaged in the business of selling software consultancy services and providing manpower consultancy. Shri Mohan filed his i...