https://www.taxtmi.com/caselaws?id=765269 The ITAT Guwahati set aside an addition under section 69A for unexplained cash deposits in a bank account. The tribunal found that the alleged cash deposits were incorrectly attributed to the assessee due to confusion in the income tax database, when they actually belonged to another entity, Seva Kendra, which was properly assessed to tax. The tribunal deleted both the addition and the consequential penalty under section 271AAC(1), ruling in favor of the assessee despite their non-appearance before lower authorities. en-us Wed, 04 Sep 2024 00:00:00 +0530 Wed, 29 Jan 2025 09:00:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765269 The ITAT Guwahati set aside an addition under section 69A for unexplained cash deposits in a bank account. The tribunal found that the alleged cash deposits were incorrectly attributed to the assessee due to confusion in the income tax database, when they actually belonged to another entity, Seva Kendra, which was properly assessed to tax. The tribunal deleted both the addition and the consequential penalty under section 271AAC(1), ruling in favor of the assessee despite their non-appearance before lower authorities. Case-Laws Income Tax Wed, 04 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765269