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Opening Cash and Debtors Explain ₹1.03 Cr Cash Deposit
Case Law Details
- Case Name
- Palanisamy Kalyanasundaram Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Chennai
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Palanisamy Kalyanasundaram Vs ITO (ITAT Chennai)
Opening Cash & Debtors Sufficient Explanation- Books Accepted, Cash Explained: 69A Addition of ₹1.03 Cr Deleted
In Palanisamy Kalyanasundaram Vs. ITO, ITA No.1938/Chny/2025, AY 2016-17, order dated 31.12.2025, Chennai ITAT allowed Assessee’s appeal & deleted addition of ₹1.03 crore u/s 69A towards alleged unexplained cash deposits. Assessee, engaged in cigarette distribution, had filed return declaring income of ₹5.85 lakh. AO completed limited scrutiny assessment by treating cash deposits in bank exceeding cash sales as unexplai...
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