Cash deposit out of earlier cash withdrawals: ITAT Pune deletes addition

Kamlesh Kantilal Bhandari Vs ITO (ITAT Pune) In the case Kamlesh Kantilal Bhandari vs ITO, ITAT Pune considered an appeal challenging the confirmation of an addition of ₹24.25 lakh as unexplained cash deposits made to the assessee’s bank account. The assessee, engaged in retail business and earning income from partnerships, was assessed under Section 144 due to non-compliance during assessment proceedings. The Assessing Officer (AO) noted cash deposits on multiple dates in the Ahmednagar Merchants Co-operative Bank account and, in the absence of explanations or documentation such as cash f...