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Addition u/s. 69A not sustained without proper inquiry of actual beneficiary of cash deposits: Matter restored
Case Law Details
- Case Name
- Mayankkumar Rameschandra Bhatt Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Ahmedabad
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Mayankkumar Rameschandra Bhatt Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad held that mere titular ownership of bank account is not conclusive. Thus, addition u/s. 69A of the Income tax Act towards unexplained cash deposit cannot be sustained without proper inquiry into identity of actual beneficiary of cash deposits.
Facts- During reassessment proceedings, AO made addition of Rs. 15,97,500/- on account of unexplained cash deposits u/s 69A and addition of Rs. 7,60,000/- on account of short-term capital gains from sale of shares, as the assessee did not furnish supporting documents.
CIT(A) concluded ...
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