Cash Collection Discrepancies: Without Defects in Books, Addition cannot sustain

Mahasakthi Mills Pvt. Limited Vs DCIT (ITAT Chennai) Introduction: In the recent case of Mahasakthi Mills Pvt. Limited vs. DCIT, the Income Tax Appellate Tribunal (ITAT) Chennai delivered a significant verdict for the Assessment Year 2015-16. The appeal challenged the order of the Commissioner of Income Tax (Appeals)-16, Chennai, related to an assessment framed by the Assessing Officer under section 143 of the Income Tax Act on December 31, 2017. Detailed Analysis: The grounds of appeal primarily revolved around the confirmation of a cash deposit of ₹2,98,31,000 as unexplained cash credit un...