Addition u/s. 69 not sustained as adequate evidence supporting cash deposits produced: ITAT Rajkot

Advertisement Hiren Dasani (Legal Heir) Tapulal Nathalal Dasani Vs ITO (ITAT Rajkot) ITAT Rajkot held that addition towards unexplained cash deposit under section 69A of the Income Tax Act not sustained since assessee has adequate evidence supporting its claim of cash deposits. Accordingly, appeal allowed. Facts- The assessee is engaged in a retail business. AO held that an amount of Rs. 22,78,500/-, deposited in the bank by the assessee remains unexplained, therefore, assessing officer added the same amount to the total income of the assessee u/s 69A of the Act. CIT(A) confirmed the additi...