ITAT Remands Case for Reassessment of Cash Deposits

Mohamedaseef Abdul Rahim Vs ITO (ITAT Chennai) Income Tax Appellate Tribunal (ITAT) Chennai has remanded the case of Mohamedaseef Abdul Rahim back to the Commissioner of Income Tax (Appeals) [CIT(A)] for reassessment. The dispute concerns an addition of ₹15.93 lakhs under Section 68 of the Income Tax Act, 1961, related to unexplained cash deposits in the assessee’s bank account for Assessment Year (AY) 2012-13. The initial assessment was framed under Section 144 read with Section 147, and the CIT(A) upheld the addition due to a lack of supporting documentary evidence from the assessee. The...