No Section 69A Addition for Cash Deposits Explained by Disclosed Instrument Charges

Advertisement Akhil Parkash (HUF) Vs ITO (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, partly allowed the appeal of the assessee by deleting the addition of ₹23,46,000 made under Section 69A of the Income Tax Act in respect of cash deposits made during the demonetization period. The assessee, a Hindu Undivided Family (HUF), owned medical equipment that had been leased to its Karta, Dr. Akhil Prakash, a neuro surgeon. The assessee received instrument charges in cash every year for the use of the equipment. To substantiate this claim, the assessee produced copies of income t...