Cash Deposit Addition: ITAT provides opportunity to substantiate source  

Nayagi Fireworks Limited Vs ACIT (ITAT Chennai) Introduction: The case of Nayagi Fireworks Limited vs. ACIT for Assessment Year (AY) 2017-18 revolves around the contentious issue of confirming the addition of cash deposits amounting to Rs. 99.50 Lacs. The order was passed by the Commissioner of Income Tax (Appeals) of the National Faceless Appeal Centre (NFAC), Delhi, concerning an assessment conducted by the Assessing Officer (AO) under section 143(3) on December 18, 2019. Nayagi Fireworks Limited is a resident corporate entity involved in the manufacturing of fireworks used during festival ...