ITAT Hyderabad: Cash Deposit by NRI, Deletion of Addition

Smt. Madhuvalli Lakamraju Vs ADIT (Int Taxn) (ITAT Hyderabad) Introduction: The case of Smt. Madhuvalli Lakamraju vs. ADIT (Int Taxn)-1, heard by the ITAT Hyderabad, revolves around cash deposits in the bank by a Non-Resident Indian (NRI). The dispute arises from the addition made under Section 68 of the Income Tax Act, claiming that the source of the deposited cash was undisclosed. In this article, we will provide a detailed analysis of the case and its implications. 1. Background: The appeal is filed by the assessee, challenging the directions issued by the Income Tax Officer (OSD) & Sec...