https://www.taxtmi.com/caselaws?id=311539 ITAT Surat held that cash deposits in HDFC Bank account could not be treated as unexplained investment under section 69A. The AO failed to examine contra-entries and cancelled cheques available in bank statements during assessment. Since these details were already on file, no second opportunity should be given to AO to re-examine same facts. After eliminating contra-entries, total credits were Rs.23,24,831. Tribunal sustained addition at 5% of total deposits as reasonable, following precedent in Smt. Krushangi Keyur Bhagat case. en-us Mon, 04 Sep 2023 00:00:00 +0530 Sat, 30 Dec 2023 19:46:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311539 ITAT Surat held that cash deposits in HDFC Bank account could not be treated as unexplained investment under section 69A. The AO failed to examine contra-entries and cancelled cheques available in bank statements during assessment. Since these details were already on file, no second opportunity should be given to AO to re-examine same facts. After eliminating contra-entries, total credits were Rs.23,24,831. Tribunal sustained addition at 5% of total deposits as reasonable, following precedent in Smt. Krushangi Keyur Bhagat case. Case-Laws Income Tax Mon, 04 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311539