Bangalore ITAT Deletes ₹1.13 Crore Cash Deposit Addition; Mere Suspicion Cannot Override Accepted Books

Anand Chirania Vs DCIT (ITAT Bangalore) Bangalore ITAT Deletes ₹1.13 Crore Cash Deposit Addition; Mere Suspicion Cannot Override Accepted Books The Bangalore ITAT deleted an addition of ₹1.13 crore made under Section 69A read with Section 115BBE, holding that once the assessee’s books of account reflected sufficient cash balances and the Revenue failed to prove that such cash had been utilized elsewhere, the cash deposits could not be treated as unexplained merely on the basis of suspicion or human probabilities. The assessee had deposited ₹1.29 crore in bank accounts during demone...