Section 69A Addition based on deposits in bank by ignoring withdrawals was not justified

Sanjay Jain Vs ITO (ITAT Delhi) The issue under consideration is whether the addition made under Section 69A of the Act to the income of the assessee is tenable? ITAT Delhi ruling on cash deposit issue. Assessing Section 69A addition to the assessee’s income. Understanding the ITAT judgment and its impact. It is the submission of the ld. Counsel for the assessee that the assessee has shown a GP rate of 20.89% and, therefore, the same rate should be applied to the entire deposits since such deposits are nothing, but, suppressed turnover. It is the alternate contention of the ld. Counsel f...