Business Receipts Is Substantiated Source of Cash Deposit: ITAT overturns ₹5.01 Lakh Addition

The Income Tax Appellate Tribunal (ITAT) has overturned a lakh addition, ruling that business receipts are a substantiated source of cash deposit. This decision provides significant relief to the taxpayer, affirming that cash deposits derived from legitimate business operations are not to be treated as unexplained income. The ITAT likely found sufficient evidence to correlate the cash deposits with the documented business receipts. This ruling is crucial for businesses, especially those dealing in cash transactions, ensuring that their genuine income sources are recognized and not arbitrarily added back as undisclosed income.