https://www.taxtmi.com/caselaws?id=446291 The ITAT Raipur allowed the assessee firm's appeal against addition under Section 69A for unexplained cash deposits of Rs. 33 lacs in bank account. The tribunal found that cash deposits during demonetization period were sourced from opening cash in hand of Rs. 52.47 lacs as recorded in books. The AO failed to establish that this opening cash was utilized elsewhere or exhausted through expenditure. The tribunal held that depositing available cash during demonetization was prudent conduct and accepted the assessee's explanation regarding source of deposits, vacating the addition made by AO. en-us Wed, 20 Sep 2023 00:00:00 +0530 Thu, 30 Nov 2023 07:42:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446291 The ITAT Raipur allowed the assessee firm's appeal against addition under Section 69A for unexplained cash deposits of Rs. 33 lacs in bank account. The tribunal found that cash deposits during demonetization period were sourced from opening cash in hand of Rs. 52.47 lacs as recorded in books. The AO failed to establish that this opening cash was utilized elsewhere or exhausted through expenditure. The tribunal held that depositing available cash during demonetization was prudent conduct and accepted the assessee's explanation regarding source of deposits, vacating the addition made by AO. Case-Laws Income Tax Wed, 20 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446291