ITAT deletes addition for cash deposit in NRI account out of cash given to parents

Natarajan Purushothaman Vs ITO (ITAT Chennai) During appellate proceedings, the assessee submitted that he used to bring cash during visits to India and it was customary to provide some cash to the parents during such visit. The Ld. CIT(A), inter-alia, observed that the deposits of Rs.3.45 Lacs was stated to funded out of earlier withdrawals and transfer from western union. It was possible that some cash might have been saved by the family which was later on deposited in the bank account. Considering the same, allowance of 4 Lacs could be granted to the assessee and therefore, the balance addi...