Treating entire cash deposits as unexplained money unjustified: ITAT Hyderabad

Ram Mohan Rapala Warangal Vs ITO (ITAT Hyderabad) ITAT Hyderabad held that entire cash deposits added towards unexplained money unjustified since benefit of telescoping of withdrawals against the subsequent deposits should be given. Accordingly, matter remanded back. Facts- The assessee is an individual and engaged in the business of trading in stationery items and general stores under the name and style of “Vasundhara Books Stationery & General Stores” and has not filed return of income for the A.Y 2011-12. AO, on receipt of information that the appellant had made huge cash deposits i...