ITAT Chennai restricts Income Addition to 25% of Unexplained Cash Deposits

Sundarrajan Venkateshkumar Vs ITO (ITAT Chennai)

The Income Tax Appellate Tribunal (ITAT), Chennai, partly allowed an appeal by the assessee for the Assessment Year 2017-18, related to an order by the Commissioner of Income Tax (Appeals) [CIT(A)]. The core issue was the addition of Rs. 13.39 Lacs to the assessee’s income, representing cash deposited during the demonetization period, for which the assessee could not provide a satisfactory explanation of the source.

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