Addition u/s. 69A to extent of redeposit of cash withdrawn untenable: ITAT Bangalore

Nandaleke Harindra Shetty Vs ITO (ITAT Bangalore) ITAT Bangalore deleted addition under section 69A r.w.s. 115BBE of the Income Tax Act to the extent of cash deposits made towards agricultural income and cash withdrawn which was redeposited. Accordingly, appeal partly allowed. Facts- Appellant has preferred the present appeal. The solitary issue that is raised is whether CIT(A) is justified in confirming the addition of Rs.35,13,000/- as unexplained money by invoking the provisions of section 69A of the Act. Conclusion- Held that the assessee is deriving agricultural income from agricultural l...