Addition u/s. 69 deleted since cash deposited out of sale of agricultural land: ITAT Ahmedabad

Keshavlal Ishwardas Thakkar Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that addition under section 69 of the Income Tax Act towards cash deposit in bank not justified since it is proved that cash was deposited out of the sale of agricultural land. Accordingly, addition u/s. 69 deleted.

Facts- Based on the cash deposits found in the bank account of the assessee, an addition of Rs.52,40,000/- has been made by the Assessing Officer u/s 69 of the Act. The addition, being the cash deposited during demonetization period, has been confirmed by CIT(A). Being aggri

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