ITAT Remands Rs. 2.31 Crore Addition Matter to Conduct Appropriate Enquiry for Cash Deposit and S. 40(a) Disallowance Matter

ITAT Remands ₹2.31 Crore Addition Matter to Conduct Appropriate Enquiry for Cash Deposit and S. 40A Disallowance Matter The Income Tax Appellate Tribunal (ITAT) has remanded a matter involving a ₹2.31 crore addition back to the assessing officer, directing them to conduct an appropriate enquiry for cash deposits and disallowance under Section 40A of the Income Tax Act. The tribunal indicated that the previous assessment lacked sufficient investigation into these specific financial transactions. This decision ensures that tax additions are based on thorough investigation and proper application of relevant sections of the Income Tax Act.