Section 69A not applies to Cash Deposits Recorded in Books, Addition deleted

Advertisement Smt. Teena Bethala Vs ITO (ITAT Bangalore) Income Tax Appellate Tribunal (ITAT) Bengaluru partly allowed the assessee’s appeals for Assessment Years 2011-12 and 2012-13. The appeals challenged the orders of the CIT(A) which had upheld an addition of ₹6,30,000 under Section 69A of the Income Tax Act for AY 2011-12. This addition related to cash deposits in the assessee’s bank account, identified through information from the Investigation Wing. The Assessing Officer (AO) initiated reassessment and treated these deposits as unexplained money. However, the ITAT noted...