ITAT Restricts Section 69A Addition as Assessee Produced Cash Deposit Evidence

Advertisement Rajeshkumar Lakhubhai Dangar Madhav Darshan Finance Vs ITO (ITAT Rajkot) Summary: The Income Tax Appellate Tribunal (ITAT), Rajkot Bench, partly allowed the appeal filed for Assessment Year 2012-13 against the addition of Rs. 31.90 lakh made under Section 69A of the Income Tax Act on account of unexplained cash deposits. The assessee, engaged in finance business and labour work relating to speaker boxes, had declared income of Rs. 1,64,400/-. During scrutiny assessment, the Assessing Officer noted cash deposits of Rs. 7 lakh and Rs. 24.90 lakh in the bank account and treated ...