Section 69A Addition Not Justified for Third-Party Non-Compliance: ITAT Ahmedabad

Dushyant M. Pandya Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that addition under section 69A of the Income Tax Act towards unexplained cash credit merely on the basis of non-compliance of third party not justified. Accordingly, addition deleted as source of cash deposit duly explained. Facts- Solitary issue in the present appeal relates to the addition made to the income of the assessee on account of cash found deposited in the bank account during demonetization period remaining unexplained, amounting to Rs.10.00 lakhs. CIT(A) passed ex-parte order confirming action of AO. Being aggrieved, ...