https://www.taxtmi.com/caselaws?id=759025 The ITAT Nagpur allowed the assessee's appeal against additions made under section 69A for unexplained cash deposits. The assessee had deposited cash in Bank of India and converted it into fixed deposits. The tribunal found that the assessee adequately explained the nature and source of the cash deposits, fulfilling the AO's requirements. The ITAT set aside the CIT(A)'s order confirming the addition and directed the AO to delete the section 69A addition. Consequently, the penalty under section 271(1)(c) was also deleted as the quantum addition was removed, leaving no basis for the penalty. en-us Wed, 14 Aug 2024 00:00:00 +0530 Sat, 21 Sep 2024 14:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759025 The ITAT Nagpur allowed the assessee's appeal against additions made under section 69A for unexplained cash deposits. The assessee had deposited cash in Bank of India and converted it into fixed deposits. The tribunal found that the assessee adequately explained the nature and source of the cash deposits, fulfilling the AO's requirements. The ITAT set aside the CIT(A)'s order confirming the addition and directed the AO to delete the section 69A addition. Consequently, the penalty under section 271(1)(c) was also deleted as the quantum addition was removed, leaving no basis for the penalty. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759025