AO made S.69 Income Tax Addition based on Mere Suspicion: ITAT deletes Rs.2.25 Crore Addition [Read Order]

ITAT ruled that the assessee had sufficiently explained the source of the cash deposits through sales documentation and festival-specific sales trends. Consequently, the tribunal deleted the Rs. 2.25 crore addition
By Varda Marakkar - On November 2, 2024 1:39 pm - 2 mins read
ITAT - Income Tax - Income Tax Appellate Tribunal - Assessing Officer - TAXSCAN

Recently, the Income Tax Appellate Tribunal ( ITAT ) recently set aside an addition of Rs. 2.25 crore made by the Assessing Officer ( AO ) against one assessee/appellant, Tirupati Jewels, New Delhi, for unexplained cash deposits, noting that the addition was based on the AO’s mere suspicion. The assessee, Tirupati Jewels, a firm engaged…

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