ITAT Grants Partial Relief on Rs.35.13 Lakh Cash Deposit, Remands Vehicle Sale Issue to AO Due to Incomplete

The Income Tax Appellate Tribunal (ITAT) granted partial relief on a ₹35.13 lakh cash deposit case and remanded the issue of vehicle sale to the Assessing Officer (AO) due to incomplete documentation. The taxpayer had deposited a significant amount of cash and claimed it was from the sale of a vehicle. However, the documentation provided was insufficient to substantiate the claim. The ITAT directed the AO to re-examine the evidence and make a fresh assessment. This ruling highlights the importance of maintaining proper documentation to support financial transactions and ensure compliance with tax laws.