https://www.taxtmi.com/caselaws?id=396957 The Tribunal upheld the addition of Rs. 15,13,000 for unexplained cash deposits in the assessee's bank accounts, reducing it to Rs. 7,38,000 after considering the cash withdrawals made during the year. The CIT(A) and Tribunal rejected the claim of circuitous transactions between bank accounts due to lack of evidence showing a connection between withdrawals and deposits. The Tribunal found that a portion of the cash withdrawals could explain the deposits, leading to the partial allowance of the appeal and reduction of the additional amount. en-us Fri, 24 Jul 2020 00:00:00 +0530 Mon, 27 Jul 2020 10:42:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396957 The Tribunal upheld the addition of Rs. 15,13,000 for unexplained cash deposits in the assessee's bank accounts, reducing it to Rs. 7,38,000 after considering the cash withdrawals made during the year. The CIT(A) and Tribunal rejected the claim of circuitous transactions between bank accounts due to lack of evidence showing a connection between withdrawals and deposits. The Tribunal found that a portion of the cash withdrawals could explain the deposits, leading to the partial allowance of the appeal and reduction of the additional amount. Case-Laws Income Tax Fri, 24 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396957