ITAT Patna Deletes u/s 69A Addition on Time Deposit; NEFT from Father Explained

Shiya Sharan Roy Vs Assessment Unit (ITAT Patna) NEFT Transfer from Father Explained; Addition u/s 69A on Time Deposit Deleted – ITAT Patna The Patna Bench of the ITAT allowed the appeal of the assessee and deleted the addition of ₹5.50 lakh made under section 69A on account of an alleged unexplained time deposit. The assessee had not filed a return of income for AY 2019-20 and the case was picked up under the non-filer category. During reassessment proceedings, the AO noticed a time deposit of ₹5.50 lakh and treated it as unexplained money under section 69A, despite the assessee’s exp...