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Addition of Unexplained Cash Deposit was sustained at 25% on basis of reasonable estimate
Case Law Details
- Case Name
- Bajrangbali Tufanbhai Das Main Bazar Vs ITO (ITAT Surat)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Surat
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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withdrawal of Rs.13,19,392/-, therefore, in absence of any evidence, it couldn’t be ascertained whether the amounts withdrawn were used for purchase of vegetables or were used for personal expenses or investments.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: Assessee was a wholesale vegetable trade...
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