https://www.taxtmi.com/caselaws?id=446292 ITAT Indore ruled in favor of the assessee in a case involving unexplained bank deposits. The assessee, engaged in cattle feed trading, had deposits and withdrawals in their bank account with narration "y/s" (yourself), indicating draft transactions for goods purchases. The AO added entire deposits to income without considering bank statements showing corresponding withdrawals through drafts. ITAT found the addition unjustified as the assessee adequately explained deposits as sale proceeds with matching withdrawals for purchases, deleting the addition entirely. en-us Wed, 20 Sep 2023 00:00:00 +0530 Thu, 30 Nov 2023 07:42:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446292 ITAT Indore ruled in favor of the assessee in a case involving unexplained bank deposits. The assessee, engaged in cattle feed trading, had deposits and withdrawals in their bank account with narration "y/s" (yourself), indicating draft transactions for goods purchases. The AO added entire deposits to income without considering bank statements showing corresponding withdrawals through drafts. ITAT found the addition unjustified as the assessee adequately explained deposits as sale proceeds with matching withdrawals for purchases, deleting the addition entirely. Case-Laws Income Tax Wed, 20 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446292