https://www.taxtmi.com/caselaws?id=401154 The appellant challenged the validity of the notice u/s 148 of the Income Tax Act, citing vague reasons and lack of tangible material. Despite raising jurisdictional issues, the ground was later withdrawn by the assessee's Counsel. Regarding the addition of Rs. 10,00,000 under sec. 69A, the Tribunal directed the AO to delete the amount, accepting the assessee's explanation based on previous decisions and the accepted business turnover. Criticism was directed at the CIT(A) for not properly considering crucial documentary evidence supporting cash deposits. Ultimately, the Tribunal ruled in favor of the assessee, deleting the disputed addition and emphasizing the importance of fair adjudication. en-us Fri, 27 Nov 2020 00:00:00 +0530 Sat, 28 Nov 2020 10:02:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401154 The appellant challenged the validity of the notice u/s 148 of the Income Tax Act, citing vague reasons and lack of tangible material. Despite raising jurisdictional issues, the ground was later withdrawn by the assessee's Counsel. Regarding the addition of Rs. 10,00,000 under sec. 69A, the Tribunal directed the AO to delete the amount, accepting the assessee's explanation based on previous decisions and the accepted business turnover. Criticism was directed at the CIT(A) for not properly considering crucial documentary evidence supporting cash deposits. Ultimately, the Tribunal ruled in favor of the assessee, deleting the disputed addition and emphasizing the importance of fair adjudication. Case-Laws Income Tax Fri, 27 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401154