No Section 69A addition on suspicion: ITAT Mumbai deletes ₹3.05 Cr addition 

Ramchandra Keshav and Company Vs CIT (ITAT Mumbai) In the case of Ramchandra Keshav and Company vs. CIT (ITAT Mumbai), the Income Tax Appellate Tribunal (ITAT) deliberated on the addition of Rs. 3.05 crores made under Section 69A of the Income Tax Act for the Assessment Year 2017-18. The assessee, a partnership firm engaged in jewelry trading, had filed its return of income declaring a total income of Rs. 40.52 lakhs. During the scrutiny of the return, the Assessing Officer (AO) noted that the firm had made large cash deposits of Rs. 3.00 crores and Rs. 50.06 lakhs in two co-operative banks du...