Demonetization Cash Deposits: 69A Addition Invalid on Mere Suspicion – ITAT Bangalore

Pramod Basavaraj Vs ITO (ITAT Bangalore) Demonetization Cash Deposits – Addition U/s 69A Cannot Be Made Merely on Suspicion Without Proper Enquiry: ITAT Bangalore The ITAT Bangalore held that addition under Section 69A in respect of demonetization cash deposits cannot be sustained when the AO rejects the assessee’s explanation without conducting proper enquiry or verification. In the present case, the assessee deposited ₹28 lakh in cash during the demonetization period. The assessee explained that the deposits represented return of advances earlier given for purchase of property and ...