No Section 69A Addition for Monies Recorded in Bank Statements: ITAT Bangalore

Sudarshan Purushothama Vs ITO (ITAT Bangalore) Sudarshan Purushothama, a partner in M/s. SRK OFFICE-X, filed his income tax return for the Assessment Year (A.Y.) 2017-18, declaring an income of Rs. 5,17,030. His case was selected for scrutiny under the Cash Transaction Analysis System (CASS) due to cash deposits made during the demonetization period. The Income Tax Officer (ITO) assessed his income as Rs. 18,56,029, adding Rs. 11,79,000 as unexplained money under Section 69A of the Income Tax Act. Purushothama appealed against the addition, claiming that the cash deposits were from earlier ban...