Addition based on baseless estimated past savings unjustified

Surendra Nath Singh Vs ITO (ITAT Varanasi) Held that estimating past savings as Rs. 6,00,000, without any basis, instead of Rs. 9,03,900 and also ignoring the evidences produced for the same. Addition of the same deleted. Facts- The assessee is an individual and derives income from the legal profession and agriculture. AO issued a notice u/s. 148 of the Income Tax Act on the basis of information received from Income Tax Officer regarding the cash deposit of Rs. 15,03,900/- in the saving bank account of his son. The assessee explained the deposit in the bank account of his son to purchase an ap...