₹118 Lakhs Cash Deposit: ITAT Lowers Income Estimation to 2% for Ticket Agent

Ananthanarayanan Rajasekaran Vs ITO (ITAT Chennai) Income Tax Appellate Tribunal (ITAT) recently provided relief to Ananthanarayanan Rajasekaran in a case concerning a ₹118.25 Lakh cash deposit made during the 2016-17 assessment year. The assessee, a ticket booking agent, failed to provide supporting documents for the cash deposits, leading the Assessing Officer (AO) to estimate the income at a 10% margin, resulting in an addition of ₹11.82 Lakh to the taxable income. The Commissioner of Income Tax (Appeals) (CIT(A)) upheld this estimation. However, during the appeal before the ITAT, the a...