Section 68 Inapplicable: Depositor Identity, Source Established & Recorded in Books

Sakthi Realty Holdings Ltd. Vs DCIT (ITAT Chennai)

The Income Tax Appellate Tribunal (ITAT) Chennai addressed appeals by two assessees concerning assessments for the 2014-15 and 2015-16 assessment years. The primary issue was the addition of Rs. 66 Lacs as unexplained income by the Assessing Officer (AO). The assessee, a real estate company, faced scrutiny following a search in 2016. The AO’s addition was based on statements and a notebook seized from the General Manager of Sakthi Finance Financial Services Ltd. (SFFSL). This material indicated that the assessee-group was all

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