Addition for cash deposit not tenable when Assessee duly explained the source

Kalubhai Ranchhodbhai Dhakecha Vs ITO (ITAT Ahmedabad)

A perusal of the assessment order however reveals that there is nothing mentioned in the order that the opening balance was found unsubstantiated. The assessment order only finds a mention of the fact regarding the quantum of opening cash balance 9,06,927/- which included 4,03,585/- agricultural income and 2,78,391/- as cash withdrawn from loan account. As noted above us, there is nothing recorded in the order of the A.O. doubting the opening balance of pertaining to agr

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