Section 68- No addition for duly explained cash deposited in bank

ACIT Vs Siddhartha Bhargava (ITAT Kolkata) The issue under consideration is whether Cash deposits in bank account held as unexplained u/s 68 is justified? During the assessment proceedings, the assessee had produced bank account of the assessee in Punjab National Bank (PNB) and HSBC. On verification of the bank accounts, it was found that there was cash deposit of Rs. 60,18,000 in PNB and Rs. 10,98,000 in HSBC account for the year under consideration. When confronted, the assessee submitted that the assessee was having cash in hand for purchase of a plot of land at New Delhi and he has withdra...