Lack of Reasonable Opportunity to substantiate Source of Cash Deposit: ITAT quashes Assessment [Read Order]

Lack of Reasonable Opportunity - Source of Cash Deposit - ITAT quashes Assessment -Cash Deposit - Assessment - taxscan

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that reasonable opportunity is to be provided to the assessee to substantiate source of cash deposit in favor of natural justice. The sole grievance of the assessee in thisappeal for Assessment Year (AY) 2017-18 is confirmation of addition of cash deposits of Rs.99.50 Lacs….

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