No Rebuttal of Assessee’s Explanation on Term Deposit by AO: ITAT directs AO to Delete Addition

Puneet Utreja Vs ITO (ITAT Delhi) In the case of Puneet Utreja vs. ITO, ITAT Delhi has overturned a decision by the CIT(A) and Assessing Officer (AO), directing the deletion of an addition made to the assessee’s income for the assessment year 2017-18. The appeal was filed against an order where the AO had added INR 16,20,000 deposited during the demonetization period to the assessee’s income, claiming it as unexplained. The AO’s decision was based on the assumption that the source of cash deposits was unclear, despite the assessee’s explanation that the cash was from te...