₹27 Lakh Addition Deleted as Amul Parlour Owner Justifies Cash Deposits

Rajnikant Vithaldas Patel Vs ITO (ITAT Ahmedabad) Ahmedabad: In a decision offering relief to a local businessman, the Income Tax Appellate Tribunal (ITAT) Ahmedabad bench has overturned an addition of ₹27.37 lakh to the income of an individual engaged in the retail trading of milk and milk products through an Amul Parlour. The tax authorities had treated the cash deposits made by the assessee, particularly during the demonetization period in Assessment Year 2017-18, as unexplained income. The assessee, Rajnikant Vithaldas Patel, an individual deriving income from his Amul Parlour business a...