No Section 69 addition merely for cash deposit in Saving Bank Account

Advertisement Sarita Tyagi Vs ITO (ITAT Delhi) The issue under consideration is whether the addition made by the A.O. for cash deposited into saving bank account by the assessee is justified in law? The assessee is engaged in medical profession as well as a partner in Priyadarshi Hospital. The assessing officer initiated re-assessment proceedings against the assessee by observing that the assessee was found to have deposited cash in her saving bank account, the source of which has not been revealed in the income tax return. ITAT states that assessee is carrying on his professional practice ...