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. The assessee, a contractor, had deposited the said amount in his bank account, but failed to establish that the cash came fro...