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No addition u/s 69A for unexplained cash loan as assessee provided sufficient evidence
Case Law Details
- Case Name
- Satty and Associates Vs ACIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Hyderabad
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Satty and Associates Vs ACIT (ITAT Hyderabad)
Conclusion: Addition made under Section 69A for an alleged unexplained cash loan was not justified as assessee provided evidence of receiving the loan through banking channels and not through cash.
Held: Assessee was a partnership firm. Search and seizure operation u/s 132 was conducted in the case of Sri Satty Ramkumar Reddy and assessee-firm. Consequent to search, notice u/s 153A was issued and duly served on assessee. In response to the notice u/s 153A, assessee filed return of income, admitting total income of Rs.52,010/-. Duri...
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