Unexplained Cash Deposits: ITAT Reduces ₹72 Lakh Addition to ₹2 Lakh on Verifying Home Loan Credits and ITRs [Read Order]

The tribunal found that the Assessing Officer (AO) failed to consider the assessee's home loan credit and the previous year’s ITR filing before making the addition
By Franklin Joshva - On March 31, 2025 8:13 pm - 2 mins read
Unexplained Cash Deposits - Cash Deposits - ITAT - Verifying Home Loan Credits - Home Loan Credits - Home Loan - Verifying Home Loan Credits and ITRs - taxscan

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) reduced the addition made under Section 69A of the Income Tax Act, 1961, from Rs. 72,81,674 to Rs. 2,00,000 by considering the assessee’s home loan credit and available cash balance. Jayeshbhai Becharbhai Chovatiya (assessee), who had deposited a sum of Rs. 72,81,674 across three bank…

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