Unexplained Cash Deposit Addition Deleted Due to Sufficient Income Sources

Ashok Desing Naik Vs ITO (ITAT Bangalore) In a notable ruling, the Income Tax Appellate Tribunal (ITAT) Bangalore has deleted an addition of Rs. 31,79,134/- made by the Assessing Officer (AO) to the income of Ashok Desing Naik for unexplained cash deposits in bank accounts. The Tribunal found that the assessee had sufficient sources of income to cover the deposits, highlighting errors in the AO’s calculation of cash deposits and his failure to consider the opening cash balance. The case pertains to the Assessment Year 2015-16. The AO had identified total cash deposits of Rs. 4,23,00,681/...