https://www.taxtmi.com/caselaws?id=312205 ITAT Amritsar allowed the assessee's appeal against additions under Section 69A for unexplained money deposited in bank account during demonetisation period. The assessee successfully demonstrated through cash flow statements from 2013-2017 that deposits were made from previously withdrawn cash from Oriental Bank of Commerce account. Revenue authorities found no specific lacuna in the cash flow statement. The tribunal relied on precedents including Shivcharan Dass vs. CIT and others, concluding that sufficient cash balance existed to explain the bank deposits. CIT(A)'s order was dismissed. en-us Fri, 17 Feb 2023 00:00:00 +0530 Tue, 06 Feb 2024 23:10:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312205 ITAT Amritsar allowed the assessee's appeal against additions under Section 69A for unexplained money deposited in bank account during demonetisation period. The assessee successfully demonstrated through cash flow statements from 2013-2017 that deposits were made from previously withdrawn cash from Oriental Bank of Commerce account. Revenue authorities found no specific lacuna in the cash flow statement. The tribunal relied on precedents including Shivcharan Dass vs. CIT and others, concluding that sufficient cash balance existed to explain the bank deposits. CIT(A)'s order was dismissed. Case-Laws Income Tax Fri, 17 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312205