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Addition u/s. 69A not sustainable as nature and source of cash deposits duly explained
Case Law Details
- Case Name
- Rengasamy Asaithambi Vs ACIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Chennai
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Rengasamy Asaithambi Vs ACIT (ITAT Chennai)
ITAT Chennai held that addition under section 69A of the Income Tax Act towards unexplained money not legally sustainable since nature and source of cash deposits duly explained. Accordingly, addition is liable to be deleted.
Facts- Assessee is a wholesale vegetable merchant. AO noted that the assessee had deposited cash of Rs.2,40,41,610/- in his bank accounts during demonetization period from 09.11.2016 to 31.12.2016. The assessee submitted that the cash deposits were made out of his trading in vegetable which included cash available in hand as on ...
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