ITAT deletes Addition for Cash Deposit which was based on strange logic

Ashok Wasan Vs ACIT (ITAT Delhi)

ITAT find that there has been only one cash deposit of Rs. 165,000/- on account of old currency notes (SBN) in saving banks account. The assessee is a practicing doctor, ENT specialist, deriving income from medical practice. The assessee has also deposited cash in his Saving Bank account (Non-SBN) which has been duly accepted by the AO during the same period. We find from the assessment order that there has been no abnormal cash deposit and the assessment order is based on estimation and strange logic and without any legal basis and hence, held to be legally invalid.

FULL TEXT OF THE ORDER OF ITAT DELHI

The present appeal has been filed by the assessee against the order of the ld CIT(A), National Faceless Appeal Centre, (NFAC), Delhi dated 30.09.2021 for AY 2017-18.

2. The assessee has raised the following grounds of appeal:-

Please become a Premium member. If you are already a Premium member, login here to access the full content.