Addition u/s 69 unjustified as explanation for source of fund rejected without sufficient reasoning: ITAT Bangalore

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 demonetization period to his Vijaya Bank Account. CIT(A) confirmed the said addition. Being aggrieved, the present appeal is fi...