Matter remanded for unexplained Cash Deposit ₹49.50 Lakh for verification

Gangaiah Nagaraju Vs ITO (ITAT Bangalore) Conclusion: Addition against unexplained cash deposit of ₹49.50 lakh was remanded back to AO for verification if the deposits were from business activities, the addition under Section 69A could not stand. Held: Assessee, was found to have made a cash deposit of Rs.49,45,800 and received contract income of Rs.3,03,315, with tax deducted at source. A notice under section 148 was issued on 29.3.2019 due to the assessee’s failure to file a return. After issuing a notice undersection 133(6) to Indian Overseas and Corporation Banks, assessee explained t...