ITAT Chennai Deletes ₹5 Crore Addition as assessee proved source of funds

P.V. Subramani Vs ACIT (ITAT Chennai) Income Tax Appellate Tribunal (ITAT) Chennai allowed the appeal of P.V. Subramani, deleting a ₹5 crore addition made under Section 68 of the Income Tax Act. The addition, treated as unexplained credit, stemmed from a reassessment for Assessment Year 2009-10. Subramani, involved in the cab leasing business and Managing Director of M/s Cargrowings (Madras) Private Ltd. (CMPL), received ₹5 crore as share application money in CMPL. The Assessing Officer (AO) questioned the source of these funds, leading to the reassessment proceedings. The AO determined th...