https://www.taxtmi.com/caselaws?id=412280 The tribunal allowed the appeal, deleting the addition of Rs. 68,95,000/- made by the AO. It found that the assessee adequately explained the source of cash deposits with valid documentary evidence, noting that the AO had not contested the cash withdrawals. The tribunal emphasized the need for credible evidence before making additions based on assumptions, citing precedents that time gaps between withdrawals and deposits alone were insufficient grounds for rejection. en-us Tue, 07 Sep 2021 00:00:00 +0530 Tue, 14 Sep 2021 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412280 The tribunal allowed the appeal, deleting the addition of Rs. 68,95,000/- made by the AO. It found that the assessee adequately explained the source of cash deposits with valid documentary evidence, noting that the AO had not contested the cash withdrawals. The tribunal emphasized the need for credible evidence before making additions based on assumptions, citing precedents that time gaps between withdrawals and deposits alone were insufficient grounds for rejection. Case-Laws Income Tax Tue, 07 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412280