Addition of entire cash deposits as unexplained income not justified: ITAT Ahmedabad

Aditech Infotech Pvt Ltd Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held that addition of all the cash deposits as unexplained income without giving credit for the withdrawal not justified. Accordingly, matter restored back to the file of AO for de novo consideration.

Facts- The case of the assessee was reopened under Section 148 of the Act. On perusal of the bank statements, AO observed that assessee had deposited a total amount of Rs. 1,50,60,650/- as cash deposits in the bank account and besides the above, there were other credits totalling to Rs. 1,93,71,657

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