Addition u/s. 69A not sustained without proper inquiry of actual beneficiary of cash deposits: Matter restored

Mayankkumar Rameschandra Bhatt Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that mere titular ownership of bank account is not conclusive. Thus, addition u/s. 69A of the Income tax Act towards unexplained cash deposit cannot be sustained without proper inquiry into identity of actual beneficiary of cash deposits. Facts- During reassessment proceedings, AO made addition of Rs. 15,97,500/- on account of unexplained cash deposits u/s 69A and addition of Rs. 7,60,000/- on account of short-term capital gains from sale of shares, as the assessee did not furnish supporting documents. CIT(A) concluded ...