Part addition towards unexplained cash deposits deleted considering nature of business

Tanaji Parilal Gawade Vs ITO (ITAT Pune)

ITAT Pune held that addition towards unexplained cash deposits partly allowed considering the nature of business. However, since full details were not furnished, part addition towards unexplained cash deposits was upheld. Accordingly, appeal partly allowed.

Facts- The assessee is an individual and proprietor of M/s. Hindavi Developers engaged in business of development and sale of plots in rural areas to the needy customers. During scrutiny assessment, AO noted that the assessee has made cash deposit of Rs.113,23,000/

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