ITAT Chennai Deletes Rs.53.23 Lakh Addition on Cash Deposits

Balu Vignesh Vs ACIT (ITAT Chennai) In the case of Balu Vignesh Vs ACIT, the Income Tax Appellate Tribunal (ITAT) Chennai addressed an appeal for the Assessment Year 2017-18 concerning a cash deposit of Rs. 53.23 lakh made by the assessee during the demonetization period. The Assessing Officer (AO) had added this amount under Section 69A of the Income Tax Act, claiming it as unexplained money, as the deposits were made after November 15, 2016, and the assessee failed to explain the source during the assessment proceedings. The Commissioner of Income Tax (Appeals) upheld this addition, as the p...