Addition u/s 69 sustained as no evidence produced to prove source of cash deposit

M. Natarajan Vs ITO (ITAT Chennai) ITAT Chennai held that addition under section 69 of the Income Tax Act sustained as no corroborative evidence produced to prove the source for the cash deposits during demonetization period. Facts- The case was selected for scrutiny for verification of cash deposits made during demonetization period and thus, consequent notice u/s. 143(2) of the Income-tax Act, 1961 was issued and duly served on the assessee. During the course of assessment proceedings, the AO noticed that the assessee has made cash deposits of Rs. 48,59,000/- between 15.11.2016 and 01.12.201...