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of <h1>Tribunal deletes Rs. 15 lacs cash deposit addition, citing satisfactory explanation by assessee.</h1> <h3>Sh. Vivek Jolly Versus The DCIT. Ambala City</h3> The Tribunal allowed the appeal, deleting the addition of Rs. 15 lacs for cash deposits under section 143(3) of the Income Tax Act. The Tribunal found the ... - Issues involved: Appeal against addition of cash deposits u/s 143(3) of the Income Tax Act, 1961 for assessment year 2008-09.Summary:Issue 1: Addition of Cash DepositsThe appeal challenged the addition of Rs. 15 lacs on account of cash deposits made by the assessee. The assessee had withdrawn Rs. 23 lacs from a bank account and later deposited Rs. 15 lacs back into the same account after a few months. The Assessing Officer and CIT (Appeals) added the Rs. 15 lacs as income, questioning the reason for keeping such a large amount of cash at home. The assessee contended that the cash deposits were from the withdrawals made for investment in immovable property, with the balance used for household purposes. The Tribunal noted that the cash withdrawals and subsequent deposits were explained by the assessee, similar to a precedent set by the Punjab & Haryana High Court. The Tribunal found no merit in treating the redeposit of cash as income u/s 68 of the Act, and accordingly, the addition was deleted, allowing the appeal raised by the assessee.Decision:The Tribunal allowed the appeal of the assessee, deleting the addition of Rs. 15 lacs on account of cash deposits.
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