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Addition towards unexplained cash deposits u/s. 69A deleted as source of deposit explained
Case Law Details
- Case Name
- ITO Vs Smt. Kavitha Subbrarayalu (ITAT Chennai)
- 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 Chennai
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ITO Vs Smt. Kavitha Subbrarayalu (ITAT Chennai)
ITAT Chennai held that cash collected from customers for purchase of stamp papers were deposited in bank hence source of cash deposits duly explained. Thus, addition towards unexplained cash deposits u/s. 69A of the Income Tax Act not justified.
Facts- The assessee is an individual who is carrying on business in stamp vending under license dated 12.11.1997. The assessee didn’t file return of income (RoI) for AY 2015-16 and the AO noted from the information available on ITBA/Insight portal, that the assessee has made cash deposi...
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