Human probability matters: ITAT upholds deletion of ₹87.34 lakh cash-deposit addition

ITO Vs Raghu Vyas (ITAT Delhi) Delhi ITAT, dismissed Revenue’s appeal &  upheld CIT(A)’s deletion of addition of ₹87.34 lakh made u/s 69A towards cash deposits. Tribunal noted that Assessee, a painter engaged in sale &  exhibition of paintings in India & abroad, had explained cash deposits as arising from sale of paintings, sale of mother’s ancestral jewellery &  cash gifts received on the occasion of his son’s engagement (roka). CIT(A) had accepted the explanation after examining documentary evidences including details of painting sales (including lease deed with ...