Mere Cash Deposit Cannot Be Considered as Income: ITAT Deletes Income Tax Addition u/s 69

The ITAT ruled that mere cash deposits in a taxpayer’s account cannot automatically be treated as income under Section 69 of the Income Tax Act. The case involved a taxpayer who made substantial cash deposits in his bank account, and the assessing officer added the amount as unexplained income. However, the ITAT found that without further evidence linking the cash deposit to unexplained sources or concealment of income, the addition could not be justified. The tribunal stressed that a mere cash deposit, without concrete proof of illegitimate source, does not equate to income. This decision underscores the principle that cash deposits alone do not automatically result in tax liability, and authorities must provide clear evidence of tax evasion or concealed income.