https://www.taxtmi.com/caselaws?id=371437 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,35,61,000/- as unexplained cash deposits in the case. It was found that the assessee had sufficient cash available at the time of each deposit, supported by bank and cash flow statements. The Tribunal held that the AO lacked material evidence to prove the deposits were from undisclosed sources, emphasizing that frequent withdrawals and deposits of one's own funds are permissible. The Revenue's appeal was dismissed, affirming the relief granted to the assessee by the CIT(A). en-us Fri, 30 Nov 2018 00:00:00 +0530 Tue, 04 Dec 2018 09:00:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371437 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,35,61,000/- as unexplained cash deposits in the case. It was found that the assessee had sufficient cash available at the time of each deposit, supported by bank and cash flow statements. The Tribunal held that the AO lacked material evidence to prove the deposits were from undisclosed sources, emphasizing that frequent withdrawals and deposits of one's own funds are permissible. The Revenue's appeal was dismissed, affirming the relief granted to the assessee by the CIT(A). Case-Laws Income Tax Fri, 30 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371437