No section 69 addition for duly explained & genuine cash deposit in bank

Dashrathbhai Shivabhai Chaudhary Vs ITO (ITAT Ahmedabad)

The assessee is engaged in farming and trading of milk and seeds. As per the information made available, the assessee made cash deposit of Rs. 21,95,000/- with Saving Bank Account. Being agricultural and the agricultural income is exempt the assessee did not file any return of income under Section 139(1) of the Act. The Assessing Officer after recording reasons under Section 147 and approval from the authority issue notice under Section 148 which was served to the asse

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