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Cash Deposits Explained by Withdrawals – ITAT Ahmedabad Deletes Addition
Case Law Details
- Case Name
- Jitudan Ravatdan Gadhvi Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Ahmedabad
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Jitudan Ravatdan Gadhvi Vs ITO (ITAT Ahmedabad)
Cash Deposits Explained by Withdrawals – ITAT Ahmedabad Deletes Addition of ₹12.44 Lakh; Deposits Not Unexplained, But Business Redeployment – ITAT Deletes Sec.68 Addition
Assessee, a small contractor from Gujarat, was subjected to reassessment after AO noticed cash deposits of ₹11.94 lakh in his Bank account. As Assessee did not respond to statutory notices, AO completed a best-judgment assessment u/s 144, treating deposits as unexplained cash credits u/s 68 & adding ₹12,44,754 (including bank interest). CIT(A) dismissed the appea...
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