No addition u/s 69A for unexplained cash loan as assessee provided sufficient evidence

Satty and Associates Vs ACIT (ITAT Hyderabad) Conclusion: Addition made under Section 69A for an alleged unexplained cash loan was not justified as assessee provided evidence of receiving the loan through banking channels and not through cash. Held: Assessee was a partnership firm. Search and seizure operation u/s 132 was conducted in the case of Sri Satty Ramkumar Reddy and assessee-firm. Consequent to search, notice u/s 153A was issued and duly served on assessee. In response to the notice u/s 153A, assessee filed return of income, admitting total income of Rs.52,010/-. During scrutiny, AO n...