ITAT Chennai Directs Fresh Assessment in Demonetization Cash Deposit Case

Ramesh Sreenivasalu Vs DCIT (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT) Chennai has remanded the case of Ramesh Sreenivasalu for fresh assessment, allowing him another opportunity to present evidence regarding cash deposits made during the demonetization period. The case, pertaining to the assessment year 2017-18, involved an addition of ₹22,94,500 under Section 69 of the Income Tax Act, 1961, as unexplained income. Additionally, an estimated income of 8% was applied to other cash deposits made outside the demonetization period, leading to a further addition of ₹3,54,217. The a...