Section 69 Addition Deleted for Home Loan Cash Deposits: ITAT Delhi

Sanjeev Kumar Vs ITO (ITAT Delhi) The assessee appealed against the CIT(A)-NFAC order for AY 2011-12 challenging an addition of ₹18,75,000 made under Section 69 in respect of cash deposited in a joint home loan account during the demonetisation period. The Tribunal first condoned a delay of 295 days in filing the appeal after accepting the assessee’s explanation that the appellate order had not been communicated to the authorised representative. On merits, the assessee contended that the deposits represented repayment of a joint home loan, that only ₹12,91,883 was deposited by the assess...