Addition U/s. 69 cannot be made for investment out of Salary Received in Cash

Sri Sudipta Ghosh Vs DCIT (ITAT Kolkata) The assessee had investments to the tune of Rs. 5,77,736/-. He explained these investments by submitting that the same were from salary savings. The ld. Assessing Officer found that the withdrawals from the assessee’s bank account is only Rs. 5,20,000/-. The difference of investment was added as unexplained investments. The assessee explains that part of the salary was always received in cash and it was only Rs. 1,38,505/-, which was received by way of cheque. It was also submitted that an investment of Rs. 3,35,000/- was given from the Bank Account ...