Addition to business income merely based on closing bank balance is unjustified

Jai Bhagwan Vs DCIT (ITAT Chandigarh) ITAT Chandigarh held that addition in the business income merely on the basis of closing bank balance unsustainable as there is nothing on record to show that assessee had any other income except agricultural income. Facts- Vide the present appeal, the assessee contended that CIT(A) wrongly confirmed the business income at Rs. 10,82,321/- simply on the basis of the closing bank balance as on 31-03-2010 in place of business income of Rs. 2,28,800/- declared by the assessee. Conclusion- In the facts of the present case, admittedly the assessee is shown to be...