ITAT Delhi Deletes Cash Deposit Addition as Assessee Explains Source

Surendra Kumar Gupta Vs DCIT (ITAT Delhi) Income Tax Appellate Tribunal (ITAT) Delhi has set aside an addition of Rs. 41.16 lakh made by the Deputy Commissioner of Income Tax (DCIT) against Surendra Kumar Gupta for unexplained cash deposits. The Tribunal found that Gupta had adequately explained the source of the cash deposits through his imprest account maintained in the books of M/s Yash Impex. The case, Surendra Kumar Gupta Vs DCIT, involved appeals for the Assessment Year 2013-14, arising from an assessment order passed under Section 153A/143(3) of the Income-tax Act, 1961, and a subsequen...