https://www.taxtmi.com/caselaws?id=448593 ITAT Surat ruled in favor of assessee regarding addition under section 69A for cash balance from bank withdrawals. Lower authorities questioned why cash remained in hand for extended period despite having bank accounts. Assessee proved cash withdrawals through documents and cash book entries, with AO accepting the withdrawals occurred. ITAT held no legal restriction exists on keeping cash at home, and AO failed to provide adverse evidence that cash exceeded bank withdrawals. Addition was deleted as assessee adequately explained cash source. en-us Mon, 13 Nov 2023 00:00:00 +0530 Wed, 24 Jan 2024 07:56:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448593 ITAT Surat ruled in favor of assessee regarding addition under section 69A for cash balance from bank withdrawals. Lower authorities questioned why cash remained in hand for extended period despite having bank accounts. Assessee proved cash withdrawals through documents and cash book entries, with AO accepting the withdrawals occurred. ITAT held no legal restriction exists on keeping cash at home, and AO failed to provide adverse evidence that cash exceeded bank withdrawals. Addition was deleted as assessee adequately explained cash source. Case-Laws Income Tax Mon, 13 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448593