https://www.taxtmi.com/caselaws?id=434009 The ITAT partially allowed the appeal, reducing the addition of Rs.17,00,000/- made under section 69 during the demonetization period to Rs.13,50,000/-. The ITAT considered the source of cash deposits, finding the explanation partly acceptable based on withdrawals made by the assessee in 2014. Despite the implausibility of substantial withdrawals and redeposits after two years, the ITAT noted the lack of evidence of utilization or investment of the withdrawn amount. Analyzing balance sheets and available cash, the ITAT concluded the reduction in the addition. en-us Mon, 13 Feb 2023 00:00:00 +0530 Wed, 15 Feb 2023 08:54:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434009 The ITAT partially allowed the appeal, reducing the addition of Rs.17,00,000/- made under section 69 during the demonetization period to Rs.13,50,000/-. The ITAT considered the source of cash deposits, finding the explanation partly acceptable based on withdrawals made by the assessee in 2014. Despite the implausibility of substantial withdrawals and redeposits after two years, the ITAT noted the lack of evidence of utilization or investment of the withdrawn amount. Analyzing balance sheets and available cash, the ITAT concluded the reduction in the addition. Case-Laws Income Tax Mon, 13 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434009