ITAT Jabalpur Restricts Addition to 12% Presumptive Interest on Cash Deposits

Dayanand Paryani Vs ITO (ITAT Jabalpur) TAT Jabalpur partly allowed the appeal where the Assessing Officer added Rs. 29.38 lakh as unexplained cash under Section 68. The Tribunal directed the addition to be limited to 12% interest on short-term loans, considering the assessee’s business of lending and set-off of withdrawals. The Income-Tax Appellate Tribunal (ITAT), Jabalpur Bench, partially allowed the appeal filed by Dayanand Paryani against the order of the Commissioner of Income-tax (Appeals)/National Faceless Appeal Centre (NFAC), Delhi, for the Assessment Year (A.Y.) 2010-11. The cent...