ITAT Upholds Partial Addition for Unexplained Cash Deposits Lacking Source Proof

Balineni Kishore Babu Vs ITO (ITAT Hyderabad) The Income Tax Appellate Tribunal (ITAT), Hyderabad, addressed an appeal filed by Shri Balineni Kishore Babu against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], which had largely sustained the Assessing Officer’s (AO) addition of ₹5.38 lakh to the assessee’s income as unexplained cash deposits for the Assessment Year 2017-18. The case originated from the scrutiny of high-value cash deposits made by the assessee during the financial year 2016-17, following the filing of his income tax return. The AO had issued notic...