Addition u/s. 69A quashed as nature and source of deposit duly explained

Pradeep Patni Vs ITO (ITAT Indore)

ITAT Indore held that addition under section 69A of the Income Tax Act towards unexplained deposit is unsustainable in law since the nature and source of the deposit is sufficiently explained. Accordingly, the appeal is allowed and addition u/s. 69A is deleted.

Facts- The assessee-individual filed his return of income of AY 2016-17 declaring a total income of Rs. 6,50,600/- from business of fabrication work; income from partnership firm “M/s Hindustan Sales Industrial Corporation”; capital gain and other sources. The c

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