https://www.taxtmi.com/caselaws?id=430199 Cash deposits in the assessee's bank account could not be taxed as unexplained money under section 69A where the deposits were explained through recovery of earlier advances, bank withdrawals and business income. The Tribunal found that the earlier advances were not disputed in principle, that sufficient cash remained available after accounting for withdrawals used for advances, and that the declared business profit also formed part of the available cash. As the revenue did not cross-verify the supporting documentary material or dislodge the explanation, the cumulative record showed availability of cash to cover the deposits. The addition was deleted in favour of the assessee. en-us Fri, 11 Nov 2022 00:00:00 +0530 Mon, 14 Nov 2022 09:02:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430199 Cash deposits in the assessee's bank account could not be taxed as unexplained money under section 69A where the deposits were explained through recovery of earlier advances, bank withdrawals and business income. The Tribunal found that the earlier advances were not disputed in principle, that sufficient cash remained available after accounting for withdrawals used for advances, and that the declared business profit also formed part of the available cash. As the revenue did not cross-verify the supporting documentary material or dislodge the explanation, the cumulative record showed availability of cash to cover the deposits. The addition was deleted in favour of the assessee. Case-Laws Income Tax Fri, 11 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430199