ITAT sets aside addition of Rs.10 lakhs u/s 69A as Unexplained Cash Deposits During Demonetization

The ITAT set aside the addition of lakhs of rupees under Section 69A as unexplained cash deposits during demonetization. The tribunal found that the Assessing Officer's (AO) investigation was inadequate. The ITAT emphasized the need for proper inquiry and corroborating evidence before making additions to income. This ruling highlights the importance of thorough investigation and adherence to due process in tax assessments, protecting taxpayers from arbitrary additions.