ITAT Visakhapatnam Restores Bank Deposit ₹6.37 cr Addition Case for Reconsideration

Subbarao Jaladi Vs ITO (ITAT Visakhapatnam) The Income Tax Appellate Tribunal (ITAT), Visakhapatnam Bench, in the case of Subbarao Jaladi Vs. ITO, for the Assessment Year (A.Y.) 2018-19, addressed the appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi. The core issue of the dispute was the addition of ₹6,37,16,100/- to the assessee’s income, treating the cash deposits in a bank account as unexplained investment under Section 69 of the Income Tax Act, 1961. Factual Background and Assessment Proceeding...