ITAT Deletes Section 69A Addition for Bank Deposits from Liquor Receivables

Gurram Naveen Vs ITO (ITAT Hyderabad) ITAT Hyderabad Deletes Sec.69A Addition: Liquor Business Receivables Accepted as Genuine Source of Bank Deposits In this appeal, Assessee challenged the sustaining of addition of Rs.12,21,810/- made by the AO u/s 69A on account of bank deposits for AY 2019-20. Assessee had not filed a return u/s 139 & subsequently filed a return in response to notice u/s 148 declaring income of Rs.2,17,310/-, including income declared u/s 44AD. AO noticed total deposits of Rs.12.21 lakhs—of which Rs.10 lakhs were cash deposits—in the SBI account & treated them ...