https://www.taxtmi.com/caselaws?id=450424 The ITAT Visakhapatnam upheld the CIT(A)'s deletion of addition under section 69A for unexplained cash deposits. The assessee's sister concern deposited cash to obtain demand drafts for Andhra Pradesh Beverages Corporation stock procurement due to banking limitations. The CIT(A) properly exercised powers under section 250(4) to admit additional evidence including affidavit confirming the deposits' purpose. The tribunal found these deposits were accommodation transactions for the sister concern, not the assessee's income, and dismissed the revenue's appeal. en-us Thu, 29 Feb 2024 00:00:00 +0530 Tue, 05 Mar 2024 08:57:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450424 The ITAT Visakhapatnam upheld the CIT(A)'s deletion of addition under section 69A for unexplained cash deposits. The assessee's sister concern deposited cash to obtain demand drafts for Andhra Pradesh Beverages Corporation stock procurement due to banking limitations. The CIT(A) properly exercised powers under section 250(4) to admit additional evidence including affidavit confirming the deposits' purpose. The tribunal found these deposits were accommodation transactions for the sister concern, not the assessee's income, and dismissed the revenue's appeal. Case-Laws Income Tax Thu, 29 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450424