Addition Deleted Due to Proof of Creditworthiness & Genuineness of Bank Transfers

Smt. Ravikumar Jeeva Kalaivani Vs ITO (ITAT Chennai) The appeal before the Tribunal concerned additions made under Section 69A of the Income Tax Act, 1961 for Assessment Year 2019–20, relating to unexplained money credited in the bank account of a housewife assessee. The Assessing Officer (AO) reopened the assessment based on information regarding time deposits of ₹1.59 crore and interest income. While the AO accepted the explanation for time deposits, certain bank credits amounting to ₹18,99,904 were treated as unexplained. On appeal, the Commissioner (Appeals) partly deleted ₹7,44,90...