The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) deleted the additions on unexplained cash deposits under Sections 69A and 68 of Income Tax Act, 1961 upon receipt of proper explanation by assessee. The assessee, Sri Siva Prasad Nidamarthy who is the Managing Director of M/s. Lampex Electronics Ltd., Hyderabad, filed a return of…
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