Bank Deposits Treated as Business Receipts – ITAT Upholds Deletion of ₹1.71 Cr Addition u/s 69A

ITO Vs Palanikumar Velusamy Krishnakumar (ITAT Chennai) Bank Deposits Treated as Business Receipts – ITAT Upholds Deletion of ₹1.71 Cr Addition U/s 69A The AO received information that the assessee had bank credits of ₹1.71 crore, including cash deposits of ₹75.29 lakh during the demonetisation period, and since the assessee had allegedly not filed a return or explained the deposits, the AO completed ex-parte assessment u/s 144 and treated the entire amount as unexplained money u/s 69A. Before the CIT(A), the assessee submitted that: He was a battery dealer and authorised distribu...