No addition as source of cash deposits duly explained: ITAT Raipur

Ilyas Shekhani Avon Agency Vs ITO (ITAT Raipur) ITAT Raipur held that addition towards unexplained cash deposits under section 69A of the Income Tax Act is liable to be set aside in as much as the source of cash deposits duly explained. Accordingly, appeal restored to AO with direction to re-adjudicate the issue. Facts- The case of the assessee was selected for “limited scrutiny” for verifying the cash deposits made in his bank account during the subject year. AO observed that the assessee during the demonetization period had made cash deposits of Rs.10,10,000/- in demonetized currency (SB...