Addition for cash deposit not tenable when Assessee duly explained the source

Kalubhai Ranchhodbhai Dhakecha Vs ITO (ITAT Ahmedabad) A perusal of the assessment order however reveals that there is nothing mentioned in the order that the opening balance was found unsubstantiated. The assessment order only finds a mention of the fact regarding the quantum of opening cash balance 9,06,927/- which included 4,03,585/- agricultural income and 2,78,391/- as cash withdrawn from loan account. As noted above us, there is nothing recorded in the order of the A.O. doubting the opening balance of pertaining to agricultural income of the previous year. As for the balance of Rs. 2,78,...