ITAT Validates Section 69A Addition: Holding Funds for Extended Period Deemed Imprudent

Shaon Paul Vs ITO (ITAT Bangalore)

Introduction: The case of Shaon Paul vs. ITO, adjudicated at ITAT Bangalore, centers around an appeal challenging the addition of Rs.5 lakhs under section 69A of the Income Tax Act for the Assessment Year 2017-18. The key contention involves the justification of the CIT(A)’s confirmation of the said addition.

Detailed Analysis: Shaon Paul, an NRI and Australian citizen, filed the return of income for the Assessment Year 2017-18, declaring incom

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