ITAT Chennai restricts addition on cash deposits – Treats assessee as commission agent, estimates income at 4% instead of taxing entire deposits

Subbiah Rajendran Vs ITO (ITAT Chennai)

ITAT Chennai restricts addition on cash deposits – Treats assessee as commission agent, estimates income at 4% instead of taxing entire deposits

Assessee, an individual engaged in onion commission business, did not file return of income for AY 2012-13. Based on information of cash deposits of ₹1,00,31,039/- in ICICI Bank, AO issued notices u/s 148 & 142(1). As there was no compliance, AO reopened the assessment u/s 147 & completed it ex-parte u/s 144 r.w.s.147, treating the entire cash deposits as unexplained money u/s 69A

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