Cash Deposits Can’t Be Treated as Unexplained Without Rejecting Books

Jamaluddin Vs ITO (ITAT Delhi) Cash Deposits Can’t Be Treated as Unexplained Without Rejecting Books: Delhi ITAT Deletes ₹64 Lakh Addition & Penalty Delhi ITAT allowed both the quantum as well as consequential penalty appeals, holding that addition of entire cash deposits of ₹64 lakh was unsustainable in law as the AO failed to reject the books of account u/s 145(3). In the assessment framed u/s 143(3)/144, the AO treated cash deposits of ₹64 lakh as unexplained, without pointing out any defect in the books of account and without invoking section 145(3). The CIT(A)/NFAC upheld ...