Addition u/s. 69A unjustified as source of cash deposits duly explained: ITAT Visakhapatnam

Ashoka Enterprises Vs ACIT (ITAT Visakhapatnam) ITAT Visakhapatnam held that addition under section 69A r.w.s 115BBE of the Income Tax Act unjustified as cash deposits are made out of sale proceeds and the source of cash deposits duly explained. Facts- The case of the assessee was selected for complete scrutiny. During the scrutiny proceedings, AO noticed that there are certain cash deposits in the assessee’s bank accounts. Accordingly, a show cause notice dated 04/12/2019 was issued to the assessee by way of email. However, there was no response from the assessee. Therefore, AO treated the ...