Pune ITAT Deletes Addition on Cash Deposits as Scrap Business Was Accepted in Other Years

Pathan Wajeed Khan Manzoor Vs ITO (ITAT Pune) Pune ITAT: Cash Deposits Cannot Be Taxed as Unexplained Money When Scrap Business Turnover Is Accepted in Other Years The Pune ITAT set aside an assessment where the Assessing Officer had treated cash deposits of ₹1.28 crore in the assessee’s bank account as unexplained money under section 69A and taxed the same under section 115BBE. The assessee, engaged in the scrap business for several years, explained that due to a hard-disk crash and loss of data, the turnover reflected in one bank account could not be incorporated while filing the return ...