ITAT Grants Relief for Savings & Relatives Loans, Cuts Unexplained Deposit Addition

Balaji Laxmanrao Sagar Killarikar Vs ITO (ITAT Pune) Tribunal Grants Relief for Savings &; Relatives’ Loans – Addition Sharply Reduced- No Fresh Remand After 15 Years – Relief Granted on Merits Assessee, an advocate by profession, had declared income of Rs.3,29,650/-. AO reopened assessment u/s 147 based on information of investment in immovable property & noted cash deposits of Rs.16.30 lakh in bank. Assessee’s explanation was not accepted & after granting relief for professional receipts of Rs.10.61 lakh, AO sustained addition of Rs.12.50 lakh. CIT(A) gave partial relief ...