Addition of Unexplained Cash Deposit was sustained at 25% on basis of reasonable estimate

Bajrangbali Tufanbhai Das Main Bazar Vs ITO (ITAT Surat)

Conclusion: Assessee had made multiple deposits and multiple withdrawals in the SB account of assessee amounting to total deposit of Rs.13,20,535/- whereas total withdrawal of Rs.13,19,392/-, therefore, in absence of any evidence, it couldn’t be ascertained whether the amounts withdrawn were used for purchase of vegetables or were used for personal expenses or investments. Hence, a reasonable estimate of cash deposit @25% might be considered as income of the assessee.

Held: Asses

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