Cash Deposit Addition of ₹9 Lakh: ITAT Remands With One More Opportunity For Production of...

The ITAT (Income Tax Appellate Tribunal) has remanded a case for a "₹9 lakh cash deposit addition, allowing one more opportunity for production of documentary evidence." The Assessing Officer had made the addition under Section 68 of the Income Tax Act due to the assessee's inability to sufficiently explain the source of the cash deposit. The tribunal, however, deemed it fit to provide a final chance to the assessee to furnish necessary documentary evidence to prove the genuineness and source of the cash. This allows for a fair hearing, upholding principles of natural justice.