https://www.taxtmi.com/caselaws?id=445812 ITAT Ahmedabad ruled in favor of the assessee regarding unexplained cash deposits. The AO treated cash deposits as unexplained income after the assessee failed to provide satisfactory explanation of sources. However, the assessee furnished cash books and bank books showing the deposits originated from earlier withdrawals from the same bank account. The tribunal held that while withdrawing and redepositing cash is unusual, it is not prohibited by law. The assessee discharged the burden under sections 68/69 of the Act by providing necessary details. The revenue failed to produce evidence that the deposited cash was used for other purposes or came from undisclosed sources. The addition was based on assumptions and presumptions, making it legally invalid. en-us Thu, 16 Nov 2023 00:00:00 +0530 Mon, 20 Nov 2023 08:27:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445812 ITAT Ahmedabad ruled in favor of the assessee regarding unexplained cash deposits. The AO treated cash deposits as unexplained income after the assessee failed to provide satisfactory explanation of sources. However, the assessee furnished cash books and bank books showing the deposits originated from earlier withdrawals from the same bank account. The tribunal held that while withdrawing and redepositing cash is unusual, it is not prohibited by law. The assessee discharged the burden under sections 68/69 of the Act by providing necessary details. The revenue failed to produce evidence that the deposited cash was used for other purposes or came from undisclosed sources. The addition was based on assumptions and presumptions, making it legally invalid. Case-Laws Income Tax Thu, 16 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445812