ITAT Chennai Remands ₹42.72 Lakh demonetization Cash Deposit addition Case to AO

Gangalam Oil and Foods Pvt. Ltd. Vs ITO (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT) Chennai reviewed an appeal by Gangalam Oil and Foods Pvt. Ltd. regarding the confirmation of an addition of ₹42.72 lakh, representing cash deposits made during the demonetization period for the assessment year 2017-18. The addition was confirmed by the Commissioner of Income Tax (Appeals) [CIT(A)] under the National Faceless Appeal Centre (NFAC) after the assessee failed to provide any explanation or representation despite multiple opportunities. The Assessing Officer (AO) had previously framed th...