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The ITAT held that the reopening of assessment based on alleged unexplained cash deposits exceeding Rs. 1 lakh was unjustified due to factual inaccuracies and lack of application of mind by the AO. The AO's reasons were founded on incorrect figures and failed to establish a nexus between the assessee's declared turnover and the purported information. The assessee provided detailed records substantiating the deposits as legitimate sale proceeds, corroborated by bank statements and inventory data, which the AO disregarded without proper analysis. Consequently, the ITAT upheld the CIT(A)'s decision to quash the reassessment, finding no merit in the Revenue's appeal. The unexplained cash credit allegation was dismissed for lack of evidentiary support and improper evaluation by the AO.
The ITAT held that the reopening of assessment based on alleged unexplained cash deposits exceeding Rs. 1 lakh was unjustified due to factual inaccuracies and lack of application of mind by the AO. The AO's reasons were founded on incorrect figures and failed to establish a nexus between the assessee's declared turnover and the purported information. The assessee provided detailed records substantiating the deposits as legitimate sale proceeds, corroborated by bank statements and inventory data, which the AO disregarded without proper analysis. Consequently, the ITAT upheld the CIT(A)'s decision to quash the reassessment, finding no merit in the Revenue's appeal. The unexplained cash credit allegation was dismissed for lack of evidentiary support and improper evaluation by the AO.
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