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2018 (5) TMI 1251 - AT - Income TaxReopening of assessment - unexplained cash deposits - Held that:- We find that in this case the assessee has given detail basis of deposit of Rs. 10,45,500 in the bank account. The detailed source has been claimed to be out of the business income as well as agricultural income of the assessee and his family members. Deposit to the extent of Rs. 3,62,000 has been accepted by the Assessing Officer. Assessee has given detailed submissions as above. Furthermore, we note that the detailed source of the cash deposit transaction–wise was also submitted. We further find that the above explanation cogently proves the entire source of deposits. The authorities below, in our considered opinion, have erred in party accepting the submissions of the assessee and partly rejecting the same - Decided in favour of assessee.
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