Held that\u00a0 the opening cash balance shown by the assessee, an amount was claimed to have been deposited into the bank account. The closing balance on March 31, 2015 constituted the opening cash balance on April 1, 2015 and for assessment year\u00a02016-17, the assessee had declared her income, which was accepted by the Assessing Officer without any addition in respect of the cash gifts shown by the assessee. All these three amounts explained the sources of deposit made in assessment year\u00a02016-17. Accordingly, as the assessee had explained the sources for making the cash deposits in assessment years\u00a02015-16\u00a0and\u00a02016-17, the Assessing Officer is\u00a0 directed to delete the addition. Returned income is directed to be accepted\u00a0 Circular No. 549, Dated 31-10-1989(1990) 182 ITR 1 (St)\u00a0 \u00a0(AY.2011-12, 2015-16, 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Gift-Opening balance-Capital account-Addition is deleted-Assessing Officer is directed to assessee returned income-Circular No. 549, Dated 31-10-1989(1990) 182 ITR 1 (St) [S. 148] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-52532","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dFi","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=52532"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52532\/revisions"}],"predecessor-version":[{"id":52533,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52532\/revisions\/52533"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=52532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=52532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=52532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}