No addition u/s 69 of cash deposit made from own business activities

Sh. Amit Jain Vs ITO (ITAT Agra) Conclusion: Since the cash deposit made by assessee was from the business activities of glass bangle trading business, therefore, no addition under section 69 over and above the returned income would be warranted. Held: Assessee had derived income from remuneration and interest from three partnership firms and also derived income from glass bangle business. During the course of assessment proceedings, AO noted that assessee had deposited cash aggregating to Rs. 8,70,000/-. AO was of the opinion that assessee had failed to prove that the above cash deposit repr...