No Addition for Cash Deposit Due to Mere Non-Response by Borrower to Section 133(6) Notice

 Savery Transport Finance Limited Vs ACIT (ITAT Chennai) Chennai: The Income Tax Appellate Tribunal (ITAT), Chennai bench, has provided relief to Savery Transport Finance Limited, a non-banking finance company (NBFC), by deleting an addition of ₹14.84 lakh made by the Assessing Officer (AO) on account of alleged unexplained cash deposits during the demonetization period. The Tribunal found that the cash deposits were duly recorded in the assessee’s books of account, which were audited and not rejected by the department. The ITAT also remitted the assessee’s claim for deduction u...