ITAT Directs AO to Re-adjudicate Full Bank Deposit Addition

Sanjay Vrajlal Kothari Vs ITO (ITAT Mumbai) Introduction: In the recent decision of Sanjay Vrajlal Kothari Vs ITO by ITAT Mumbai, the court reviewed the addition of the entire amount of deposits made in the bank account of the assesse. This case, pertinent to the Assessment Year (A.Y.) 2006-07, brings to light a substantial query regarding the correct assessment of deposits in the form of cash and cheques. Detailed Analysis: The case revolves around the appeal filed by the assessee against the order passed by the ld. CIT(A) NFAC. It examines the treatment of Rs. 97,69,197/- in deposits, includ...