The reassessment was initiated on the basis of Annual Information Return data linked to an old Permanent Account Number which the assessee had already requested to be surrendered. The assessee explained that the cash deposits represented deposits received from its members in the ordinary course of its activities and that it functioned merely as a pass-through entity. The Tribunal held that the Department failed to disprove the explanation and, once the source of the deposits was substantially accepted, no addition under section 69A could be sustained merely on suspicion. The ad hoc addition of 10 per cent. sustained by the Commissioner (Appeals) had no legal basis and was deleted. (AY. 2019-20).<\/p>\n","protected":false},"excerpt":{"rendered":"
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