Case Law Details
Case Name : Prashant Chandulal Parikh Vs ACIT (ITAT Ahmedabad)
Related Assessment Year : 2017-18
Courts :
All ITAT ITAT Ahmedabad
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Prashant Chandulal Parikh Vs ACIT (ITAT Ahmedabad)
Conclusion: Considering the opening cash balance of Rs.3,04,049/- available with the assessee and also the quantum of agricultural income of Rs.12,53,920/- derived by the assessee during the year, it would be reasonable to treat the cash deposits to the extent of Rs.15.48 Lakhs as explained and the balance addition of Rs.9,00,000/- in respect of unexplained cash deposits in the bank account was confirmed.
Held: Assessee had filed his income tax return for A.Y. 2017-18 declaring ₹20,89,430.
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