ITAT Deletes Cash Deposit Addition; Source Linked to Property Sale Advance received by father

Advertisement Aashish Luthra Vs ITO (ITAT Mumbai) The case of Aashish Luthra vs. ITO, heard at the ITAT Mumbai, revolves around the addition of cash deposits made into the assessee’s bank account during the assessment year 2006-07. The Assessing Officer (AO) raised concerns based on AIR information, prompting the reopening of the assessment under section 147 of the Income Tax Act, 1961. The AO contended that the entire cash deposits of Rs. 25,98,250/- should be treated as undisclosed income of the assessee under section 68 of the Act. However, the assessee argued that a portion of the...