ITAT Overturns AO’s Rejection of Books, deletes Addition of Cash Deposits as Unexplained Income Citing Lack of Evidence of Specific Discrepancies [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) overturned the Assessing Officer’s (AO) rejection of books and deleted the addition of Rs. 4,12,67,000 as unexplained income, citing the lack of evidence of specific discrepancies in the books of accounts.Kshetrapal Gold Private Limited,appellant-assessee,engaged in the business of selling gold ornaments, had deposited cash…