https://www.taxtmi.com/caselaws?id=761978 ITAT Ahmedabad partially allowed assessee's appeal regarding unexplained cash deposits under section 69A. The tribunal reduced the addition from Rs.32 lakhs to Rs.18.50 lakhs, noting that AO had already reduced it by Rs.13.50 lakhs through rectification order under section 154 due to incorrect quantum initially recorded. CIT(A) erred in confirming full Rs.32 lakhs addition despite AO's reduction. However, tribunal upheld remaining Rs.18.50 lakhs addition as assessee failed to provide reasonable explanation for cash deposits, only furnishing unsubstantiated book entries and claiming source from cash withdrawn four years earlier without justification for holding such amount. en-us Tue, 19 Nov 2024 00:00:00 +0530 Thu, 21 Nov 2024 09:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761978 ITAT Ahmedabad partially allowed assessee's appeal regarding unexplained cash deposits under section 69A. The tribunal reduced the addition from Rs.32 lakhs to Rs.18.50 lakhs, noting that AO had already reduced it by Rs.13.50 lakhs through rectification order under section 154 due to incorrect quantum initially recorded. CIT(A) erred in confirming full Rs.32 lakhs addition despite AO's reduction. However, tribunal upheld remaining Rs.18.50 lakhs addition as assessee failed to provide reasonable explanation for cash deposits, only furnishing unsubstantiated book entries and claiming source from cash withdrawn four years earlier without justification for holding such amount. Case-Laws Income Tax Tue, 19 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761978