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Entire ₹11 Lakh Cash Deposit Addition Deleted on Full Explanation
Case Law Details
- Case Name
- Anil Kumar Agarwal Vs DCIT (ITAT Agra)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
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Anil Kumar Agarwal Vs DCIT (ITAT Agra)
Cash Deposits Fully Explained Through Cash Book & Bank Withdrawals—CIT(A)’s Partial Confirmation Reversed; Entire ₹11 Lakh Addition Deleted
The Assessee filed return declaring ₹2,29,550. Based on AIR information showing ₹13 lakh cash deposit in HDFC Bank, AO reopened the assessment u/s 147 and treated the entire ₹13 lakh as unexplained income u/s 68, stating that the Assessee’s replies were vague.
CIT(A) examined the sources and accepted only ₹2 lakh as explained (cash received on sale of property to Smt. Gashkin Begum...
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