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

Advertisement 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...