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of <h1>ITAT allows assessee appeal against Section 69A additions for cash deposits from regular namkeen trading business operations</h1> <h3>Hardik Jagdishkumar Thakkar, Shivaji Park Society, Dhanera Versus Income Tax Officer, Ward-3, Palanpur.</h3> Hardik Jagdishkumar Thakkar, Shivaji Park Society, Dhanera Versus Income Tax Officer, Ward-3, Palanpur. - TMI The Appellate Tribunal (ITAT Ahmedabad), per Dr. B.R.R. Kumar, Vice-President, allowed the assessee's appeal against the CIT(A)'s order for AY 2017-18. The key issue was the addition of Rs. 31,02,330 under Section 69A of the Income Tax Act as unexplained cash deposits. The revenue contended that the assessee failed to explain the source of cash deposits in the bank account. However, the Tribunal noted that the assessee is engaged in the retail and wholesale business of namkeen and related products, and the bank statements showed regular cash deposits and payments to suppliers consistent with the business operations. The Tribunal concluded that these deposits were 'out of the regular trading business' and thus 'no addition is called for on account of unexplained money.' The Tribunal also addressed the applicability of Section 115BBE, holding that the special tax rate under this provision was not applicable for AY 2017-18. Consequently, the appeal was allowed, overturning the addition.
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