Section 69A Addition Unjustified as Cash Deposited Treated as Business Income: ITAT Bangalore

Nitin Kumar Bohra Vs ITO (ITAT Bangalore) ITAT Bangalore held that addition u/s. 69A unjustified as cash deposited in bank account is from business income and the same is already considered under the Profits & gains of business or profession. Facts- The assessee is a jeweller and running business in the proprietorship named as M/s. Anup Jewellers. The case was selected for scrutiny and on the reason of abnormal increase in cash deposit during demonetisation period as compared to average rate of cash deposit during pre-demonetisation. The assessee did not submit information as required by t...