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Bank Deposits Treated as Business Receipts – ITAT Upholds Deletion of ₹1.71 Cr Addition u/s 69A
Case Law Details
- Case Name
- ITO Vs Palanikumar Velusamy Krishnakumar (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Chennai
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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 au...
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