Addition u/s. 69A quashed as nature and source of deposit clearly established: ITAT Nagpur

Akash Anand Puri Vs ITO (ITAT Nagpur) ITAT Nagpur held that the addition made under section 69A of the Income Tax Act towards unexplained money is liable to be quashed since the nature and source of deposit is clearly established. Facts- The assessee was engaged in the business of distribution of Videophone Sim Card and easy recharge vouchers. AO received information from the Income Tax Department that the assessee has deposited cash amounting to Rs. 1,53,31,060, in current account. The case was re–opened u/s. 147 of the Income Tax Act, 1961. Since the assessee failed to respond to the notic...