Cash deposits in retail business cannot lead to belief that income has escaped assessment

Digi1 Electronics Pvt. Ltd. Vs ACIT (Bombay High Court) Bombay High Court held that being in retail business of electronic appliances, cash deposits from various places cannot be doubted be considered suspicious transactions. Accordingly, cash deposits in crores cannot lead to a belief that the income has escaped assessment. Re-opening unjustified. Facts- The Petitioner is engaged in the business of trading in electronic appliances and has filed its returns on a regular basis and even for A.Y.2013-14. The respondent No. 1 by its order under section 143(3) of the Act dated 14th March 2016 accep...