No addition for Deposits in bank made from past savings

Shiv Nath Vs ITO (ITAT Chandigarh) Conclusion: In present facts of the case, the Income Tax Appellate Tribunal deleted the addition of Rs. 3,31,000/- by the AO, while considering the fact that the family members of the assessee were earning (but were below taxable limits), and the deposits made were from the past savings and earnings of the entire family which were pooled together. Facts: In present facts, the proceedings u/s 147 of the Income Tax Act, 1961 were initiated in the case of the assessee in view of the fact that certain deposits were found to have been made in the assessee’s ...