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₹118 Lakhs Cash Deposit: ITAT Lowers Income Estimation to 2% for Ticket Agent
Case Law Details
- Case Name
- Ananthanarayanan Rajasekaran 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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Ananthanarayanan Rajasekaran Vs ITO (ITAT Chennai)
Income Tax Appellate Tribunal (ITAT) recently provided relief to Ananthanarayanan Rajasekaran in a case concerning a ₹118.25 Lakh cash deposit made during the 2016-17 assessment year. The assessee, a ticket booking agent, failed to provide supporting documents for the cash deposits, leading the Assessing Officer (AO) to estimate the income at a 10% margin, resulting in an addition of ₹11.82 Lakh to the taxable income. The Commissioner of Income Tax (Appeals) (CIT(A)) upheld this estimation.
However, during the appeal before the ITAT, the a...
