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Addition u/s 69 sustained as no evidence produced to prove source of cash deposit
Case Law Details
- Case Name
- M. Natarajan Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-2018
- Courts
- All ITAT, ITAT Chennai
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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 15.11.2...
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