ITAT Bangalore Deletes Cash Deposit Addition: Gift & Savings Accepted as Source

Gowramma Vs ITO (ITAT Bangalore) Summary: In Gowramma vs ITO, ITAT Bangalore addressed the addition of ₹10,00,000 to the assessee’s income under section 69A for unexplained cash deposits during the demonetisation period in A.Y. 2017-18. The assessee, a small trader over 70 years of age, explained that the deposits consisted of ₹9,00,000 received as a gift from his son, ₹65,000 from savings in his vegetable business, and ₹35,000 from the sale of old gold, supported by bank statements and transaction details submitted under Rule 46A. The Assessing Officer and CIT(A) had ignored this ev...