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Cash Deposits in Partner’s Personal Bank Account Explained as Firm’s Business Receipts – Addition U/s 69A Deleted
Case Law Details
- Case Name
- Siddartha Girijashankar Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Bangalore
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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...
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