Cash Deposit & withdrawals of equal amounts – ITAT allows telescoping benefit

Sanjeet Kanwar Vs ITO (ITAT Amritsar)

Firstly, on the basis that the case was taken for limited scrutiny regarding cash deposits in the bank account was more than the turnover. Secondly, by way of additional legal ground, the assessment order is assailed on the ground that when the AO accepted the sale proceeds then he cannot be permitted to make addition u/s 69 of the Act. Thirdly, it is argued that the AO failed to appreciate the fact that there were cash deposits as well

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