https://www.taxtmi.com/caselaws?id=310879 The ITAT Chandigarh allowed the appeal, deleting the addition of Rs.7,50,000/- as undisclosed income. The assessee successfully demonstrated that the cash deposits were sourced from a prior withdrawal intended for property purchase, which was later redeposited. The tribunal found the explanation plausible and noted the absence of evidence supporting any investment from the withdrawal amount. Consequently, the addition was removed, as the lower authorities failed to provide a valid rationale for treating the deposits as unexplained income. en-us Wed, 21 Sep 2011 00:00:00 +0530 Thu, 23 Nov 2023 16:32:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310879 The ITAT Chandigarh allowed the appeal, deleting the addition of Rs.7,50,000/- as undisclosed income. The assessee successfully demonstrated that the cash deposits were sourced from a prior withdrawal intended for property purchase, which was later redeposited. The tribunal found the explanation plausible and noted the absence of evidence supporting any investment from the withdrawal amount. Consequently, the addition was removed, as the lower authorities failed to provide a valid rationale for treating the deposits as unexplained income. Case-Laws Income Tax Wed, 21 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310879