https://www.taxtmi.com/caselaws?id=446955 ITAT Chandigarh allowed the assessee's appeal regarding undisclosed cash deposits totaling Rs 7.20 lacs in bank account. The tribunal accepted the assessee's explanation that Rs 4 lacs originated from agricultural income from 38 bighas of apple orchards jointly owned with mother, supported by land records and production evidence. Remaining Rs 3.20 lacs was from earlier withdrawals for contracting work with HP Forest Corporation in remote areas, where cash was kept for business exigencies and later redeposited. Despite two-month time gap between withdrawal and deposit, the tribunal found the explanation reasonable considering business nature and regular banking transactions. en-us Wed, 06 Dec 2023 00:00:00 +0530 Fri, 15 Dec 2023 10:54:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446955 ITAT Chandigarh allowed the assessee's appeal regarding undisclosed cash deposits totaling Rs 7.20 lacs in bank account. The tribunal accepted the assessee's explanation that Rs 4 lacs originated from agricultural income from 38 bighas of apple orchards jointly owned with mother, supported by land records and production evidence. Remaining Rs 3.20 lacs was from earlier withdrawals for contracting work with HP Forest Corporation in remote areas, where cash was kept for business exigencies and later redeposited. Despite two-month time gap between withdrawal and deposit, the tribunal found the explanation reasonable considering business nature and regular banking transactions. Case-Laws Income Tax Wed, 06 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446955