Entire amount of deposit in bank cannot be treated as unexplained

CA Prarthana Jalan

Hon’ble Bench Of Agra ITAT has in the case of ITO v/s Rajeev Kumar Gupta has held that entire amount of deposit in the bank account can not be treated as unexplained when there are withdrawals also. The facts of the case are as under:-

In the assessment order passed u/s.144 the income was at Rs.12,96,457/- as against the returned income of Rs.1,20,000/-. During the course of assessment proceeding, the AO found that there was a cash dep

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