Deletion of addition u/s. 69A by CIT(A) is contrary to material on record: AO directed to reconsider

DCIT Vs Ingeneric Technologies Solutions Private Limited (ITAT Hyderabad) ITAT Hyderabad held that reasoning given by CIT(A) for deletion of addition made u/s. 69A of the Income Tax Act by Assessing Officer towards cash payment is contrary to material on record and cannot be accepted. Facts- The case of the assessee was selected for scrutiny and during the course of assessment proceedings, AO noticed that during the investigation carried-out, it was noticed from the HDFC Bank account of the assessee that, there are deposits to the tune of Rs.3.63 crores by way of cheque/RTGS and Rs.1.40 crores...