ITAT Slams “Casual Approach” for Unexplained Cash Addition: Proof from Audited Books Must Be Verified

Suryanarayana Gandla Vs ACIT (ITAT Hyderabad) Cash Deposits During Demonetisation Explained from Business Receipts – Tribunal Slams “Casual & Non-Application of Mind” Approach- Audited Books & Confirmations Ignored by AO – ITAT Restores Fairness in Small-Trader’s Case Hyderabad ITAT allowed the appeal of a pharmaceutical trader from Anantapur, deleting the addition of ₹96.26 lakh made by AO u/s 68 on account of cash deposits during the demonetisation period, holding that the addition was based merely on presumption & without factual verification. Assessee had deposited ...