ITAT remands ₹2.31 crore addition for enquiry on cash deposits & Section 40(a) disallowance

JCR Traders Vs DCIT (ITAT Chennai) Income Tax Appellate Tribunal (ITAT) Chennai Bench has remanded the case of JCR Traders back to the Assessing Officer (AO) for fresh adjudication. The appeal involved an addition of Rs. 2.31 crore to the firm’s income, comprising disallowances under Section 40(a)(ia) for non-deduction of TDS and an addition for unexplained cash deposits under Section 69 of the Income Tax Act, 1961. The ITAT’s decision provides the assessee a fresh opportunity to present its case, which it had failed to do during earlier assessment and appeal proceedings. JCR Traders, a fi...