https://www.taxtmi.com/caselaws?id=460524 The ITAT Bangalore ruled in favor of the assessee regarding unexplained income under Section 69A for cash deposits in three bank accounts. The tribunal found that lower authorities incorrectly treated cash deposits from business turnover as unexplained income, resulting in double taxation. Since the assessee had declared business profits on the turnover from which deposits originated and filed VAT returns disclosing entire turnover, the addition under Section 69A was unjustified. The tribunal noted the assessee qualified under Section 44AD with 9.92% income disclosure, and authorities failed to prove deposits exceeded declared turnover. All grounds were allowed in assessee's favor. en-us Tue, 24 Sep 2024 00:00:00 +0530 Thu, 30 Jan 2025 13:30:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460524 The ITAT Bangalore ruled in favor of the assessee regarding unexplained income under Section 69A for cash deposits in three bank accounts. The tribunal found that lower authorities incorrectly treated cash deposits from business turnover as unexplained income, resulting in double taxation. Since the assessee had declared business profits on the turnover from which deposits originated and filed VAT returns disclosing entire turnover, the addition under Section 69A was unjustified. The tribunal noted the assessee qualified under Section 44AD with 9.92% income disclosure, and authorities failed to prove deposits exceeded declared turnover. All grounds were allowed in assessee's favor. Case-Laws Income Tax Tue, 24 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460524