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Case Law Details

Case Name : Rahul Udayashankar Vs ITO (ITAT Bangalore)
Related Assessment Year : 2017-18
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Rahul Udayashankar Vs ITO (ITAT Bangalore)

ITAT Bangalore held that addition under section 69 of the Income Tax Act unjustified as source of fund duly explained. Rejection of the explanation relating to source of fund by the department without sufficient reason is unsustainable in law.

Facts- In the present case, the assessment order has been passed u/s 143(3) of the Act, wherein, it was made addition of 25,00,000/- towards deposit of Specified Bank Notes (SBN) during demo

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