ITAT ruled that the assessee had sufficiently explained the source of the cash deposits through sales documentation and festival-specific sales trends. Consequently, the tribunal deleted the Rs. 2.25 crore addition
Recently, the Income Tax Appellate Tribunal ( ITAT ) recently set aside an addition of Rs. 2.25 crore made by the Assessing Officer ( AO ) against one assessee/appellant, Tirupati Jewels, New Delhi, for unexplained cash deposits, noting that the addition was based on the AO’s mere suspicion. The assessee, Tirupati Jewels, a firm engaged…
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