https://www.taxtmi.com/caselaws?id=442924 The Tribunal overturned the addition made under Section 68 of the Income Tax Act by the Assessing Officer, directing the deletion of the Rs. 3,00,000 addition. The Tribunal found that the substantial cash withdrawals made by the assessee before the search, along with the explanation provided for the funds, outweighed the need for the addition. The Tribunal emphasized that the burden of proof had been met by the assessee, leading to the allowance of the appeal and the deletion of the addition. en-us Wed, 06 Sep 2023 00:00:00 +0530 Wed, 13 Sep 2023 09:14:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442924 The Tribunal overturned the addition made under Section 68 of the Income Tax Act by the Assessing Officer, directing the deletion of the Rs. 3,00,000 addition. The Tribunal found that the substantial cash withdrawals made by the assessee before the search, along with the explanation provided for the funds, outweighed the need for the addition. The Tribunal emphasized that the burden of proof had been met by the assessee, leading to the allowance of the appeal and the deletion of the addition. Case-Laws Income Tax Wed, 06 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442924