Cash Deposits in Partner’s Personal Bank Account Explained as Firm’s Business Receipts – Addition U/s 69A Deleted

Siddartha Girijashankar Vs ITO (ITAT Bangalore) Cash Deposits in Partner’s Personal Bank Account Explained as Firm’s Business Receipts – Addition U/s 69A Deleted The assessee, a managing partner of a petrol pump firm, had cash deposits of ₹6.18 crore in his personal bank accounts. During assessment proceedings, the AO accepted that ₹5.91 crore out of the deposits represented business transactions, as the amounts were transferred to Indian Oil Corporation Ltd. and the firm’s bank account. However, the balance ₹26.68 lakh was treated as unexplained and added u/s 69A on the grou...