https://www.taxtmi.com/caselaws?id=436711 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, directing the deletion of the addition of cash deposit in the bank account during demonetization. The ITAT emphasized the importance of proving that the withdrawn cash was not redeposited elsewhere before making additions under section 69A of the Income Tax Act. Considering the family circumstances and common practice of using cash for house renovation and wedding expenses, the ITAT found the assessee's explanation satisfactory and concluded that no further additions were justified. en-us Fri, 31 Mar 2023 00:00:00 +0530 Wed, 19 Apr 2023 08:10:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436711 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, directing the deletion of the addition of cash deposit in the bank account during demonetization. The ITAT emphasized the importance of proving that the withdrawn cash was not redeposited elsewhere before making additions under section 69A of the Income Tax Act. Considering the family circumstances and common practice of using cash for house renovation and wedding expenses, the ITAT found the assessee's explanation satisfactory and concluded that no further additions were justified. Case-Laws Income Tax Fri, 31 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436711