ITAT Delhi Overturns Cash Deposit Addition

Sh. Rajiv Jain Vs ITO (ITAT Delhi) In a recent judgment, the Income Tax Appellate Tribunal (ITAT) Delhi, in the case of Sh. Rajiv Jain vs. ITO, has ruled in favor of the assessee regarding a disputed cash deposit of Rs. 4,92,900. This decision comes after a remand order from the Hon’ble High Court in Tax Appeal No. 1115/2017 dated November 13, 2018. The core of the dispute revolved around the assessee’s explanation that the cash deposit was sourced from prior cash withdrawals totaling Rs. 5,10,550. The High Court had noted that the Commissioner of Income Tax (Appeals) (CIT(A)) had ...