No One-to-One Matching Needed for Bank Deposits When Sources Are Verified – Adhoc Cash Deposit Addition deleted

Vijay Prakash Ghosalkar Vs ITO (ITAT Mumbai) Once overall source is accepted, Section 69A cannot be invoked merely due to lack of one-to-one correlation- ITAT Mumbai deletes adhoc addition on cash deposits Assessee, an individual lady, did not file her return of income originally for AY 2017-18. On receiving AIR information that she had earned interest income, made cash deposits of ₹42.50 lakh in HDFC Bank, purchased time deposits & mutual funds of ₹30 lakh, AO reopened the case u/s 148. In response, Assessee filed a return declaring ₹9,22,640 including presumptive business income. ...