https://www.taxtmi.com/caselaws?id=445355 ITAT Raipur upheld addition under Section 69A regarding cash deposits during demonetization. Assessee deposited Rs. 23 lacs in old notes on 01.12.2016, claiming source from earlier bank withdrawals of Rs. 21.60 lacs made in 2014. However, assessee also claimed these withdrawn funds were used for short-term advances to third parties. ITAT found it incomprehensible that same amount could simultaneously be used for advances and remain available for deposit. Assessee failed to provide cash flow statement or documentary evidence proving advances were repaid and funds available. Addition sustained at Rs. 20.50 lacs, allowing Rs. 2.50 lacs as estimated reasonable cash in hand. Appeal partly allowed. en-us Wed, 01 Nov 2023 00:00:00 +0530 Wed, 18 Dec 2024 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445355 ITAT Raipur upheld addition under Section 69A regarding cash deposits during demonetization. Assessee deposited Rs. 23 lacs in old notes on 01.12.2016, claiming source from earlier bank withdrawals of Rs. 21.60 lacs made in 2014. However, assessee also claimed these withdrawn funds were used for short-term advances to third parties. ITAT found it incomprehensible that same amount could simultaneously be used for advances and remain available for deposit. Assessee failed to provide cash flow statement or documentary evidence proving advances were repaid and funds available. Addition sustained at Rs. 20.50 lacs, allowing Rs. 2.50 lacs as estimated reasonable cash in hand. Appeal partly allowed. Case-Laws Income Tax Wed, 01 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445355