Cash Deposits out of Shroff Business cannot be Treated as Undisclosed Income

DCIT Vs Sidhanath Enterprise (ITAT Rajkot) The ld. CIT(A) has deleted the addition on account of cash deposits of Rs. 224.53,23,993/-. in the bank account of the assessee, noting that identical issue had come up before the Hon’ble Gujarat High Court in the case of the assessee itself in a writ petition filed by the assessee against reopening of the case for A.Y. 2008-09 and the Hon’ble High Court had noted the fact that the assessee being in the business of Shroff, the cash deposits related to its business and did not represent any unaccounted income of the assessee. Ld. CIT(A), we find al...