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2023 (1) TMI 602 - AT - Income TaxAddition of deposits made in ICICI Bank - CIT(A) has estimated the past reasonable savings of the assessee as only Rs. 5,00,000/- and disallowed the remaining Rs. 3,87,700/- - HELD THAT:- While making such an estimation, the Ld. CIT(A) has not shown on what basis such the disallowance were being made. The assessee had shown an opening cash balance of Rs. 7,20,000/- as on 01/04/2008. Therefore the estimation made by the Assessing Officer is not supported with any valid material therefore the disallowance is not justified. Similarly, the gift of Rs. 1,75,000/- received by the assessee from his wife is also disallowed without assigning any reasons thereon. Such a disallowance is not justifiable in law. Therefore we hereby delete both the disallowance of Rs. 3,87,700/- and Rs. 1,75,000/- and allow the assessee’s appeal.
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