https://www.taxtmi.com/caselaws?id=450596 ITAT Ahmedabad ruled in favor of the assessee in a case involving addition under section 69A for unexplained cash deposits. The Revenue authorities erroneously attributed cash deposits from a bank account that did not belong to the assessee. Despite the assessee clarifying the correct bank account details and explaining that deposits related to business turnover already returned under section 44AD, the AO and CIT(A) arbitrarily maintained the addition. The tribunal found the assessment order casual and lacking application of mind, noting the contradiction in accepting business income while simultaneously treating related cash deposits as unexplained income. en-us Wed, 06 Mar 2024 00:00:00 +0530 Thu, 07 Mar 2024 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450596 ITAT Ahmedabad ruled in favor of the assessee in a case involving addition under section 69A for unexplained cash deposits. The Revenue authorities erroneously attributed cash deposits from a bank account that did not belong to the assessee. Despite the assessee clarifying the correct bank account details and explaining that deposits related to business turnover already returned under section 44AD, the AO and CIT(A) arbitrarily maintained the addition. The tribunal found the assessment order casual and lacking application of mind, noting the contradiction in accepting business income while simultaneously treating related cash deposits as unexplained income. Case-Laws Income Tax Wed, 06 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450596