Section 69A Addition Deleted: AO Must Prove Cash Deposit Isn’t Sale Consideration

Shalaka Chandrahas Chavan Vs ITO (ITAT Mumbai) Cash Deposit Fully Explained as Sale Consideration – Section 69A requires the AO to disprove the explanation with material evidence – Accordingly, the addition of Rs.13,00,500 u/s 69A was deleted & the Assessee’s appeal was allowed. Mumbai Tribunal examined the limited issue of addition of Rs.13,00,500 treated as unexplained money u/s 69A. Assessee had sold an immovable property for Rs.94,06,000 during the year & received part of the sale consideration in cash. Information in AIMS module triggered reopening u/s 148 & despite ...