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2023 (5) TMI 113 - AT - Income TaxCash deposit in the bank - additions as the unexplained income - AR submitted that as the cash book has not been disturbed and as the assessee has adequate opening cash balance as on the beginning of the relevant assessment year and to make the cash deposit in the bank account, the addition cannot be made as unexplained income of the assessee - HELD THAT:- What is to be considered and clearly understood is that when preparing the income and expenditure account, receipts of the assessee has been fully considered in preparing the income and expenditure account. Consequently, amount deposited in the bank account has also been considered by the assessee when preparing the income and expenditure account for the relevant assessment year. When the amount has already been considered when preparing its return of income for the relevant assessment year, to treat the cash deposit in the bank as unexplained income of the assessee is nothing but double addition, which is not also permissible. In these circumstances, on account of both the above mentioned reasons, it is held that the addition as made by the AO and confirmed by the CIT(A) is unsustainable and consequently, same stands deleted. Appeal of the assessee stands allowed.
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