https://www.taxtmi.com/caselaws?id=751751 ITAT Jaipur allowed the appeal regarding addition under section 69A. The assessee operated an online fund transfer portal during demonetization, collecting cash from persons for utility bill deposits and bookings, then depositing amounts in bank accounts. AO added the cash deposits as unexplained money since assessee failed to provide details of cash sources. ITAT held that assessee's activities were genuine business operations through Novapay portal, with increased commission during demonetization period. Bank statements showed deposited amounts were transferred to service accounts, not retained personally. Only Rs. 27,500 SBN was deposited from total deposits exceeding Rs. 56 lakhs. Commission income was already taxed based on TDS records. Addition under section 69A was deleted. en-us Mon, 22 Apr 2024 00:00:00 +0530 Wed, 24 Apr 2024 06:29:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751751 ITAT Jaipur allowed the appeal regarding addition under section 69A. The assessee operated an online fund transfer portal during demonetization, collecting cash from persons for utility bill deposits and bookings, then depositing amounts in bank accounts. AO added the cash deposits as unexplained money since assessee failed to provide details of cash sources. ITAT held that assessee's activities were genuine business operations through Novapay portal, with increased commission during demonetization period. Bank statements showed deposited amounts were transferred to service accounts, not retained personally. Only Rs. 27,500 SBN was deposited from total deposits exceeding Rs. 56 lakhs. Commission income was already taxed based on TDS records. Addition under section 69A was deleted. Case-Laws Income Tax Mon, 22 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751751