https://www.taxtmi.com/caselaws?id=449678 The ITAT Surat ruled in favor of an NRI assessee regarding cash deposit additions under section 147 reopening. The AO added cash deposits as unexplained income, arguing the assessee failed to provide cash flow statements and used cash deposits for demand drafts. The tribunal found the AO provided no adverse evidence that the assessee spent money elsewhere, noting only a time gap between ATM withdrawals and deposits. Given the assessee's NRI status, minimal business activity, brief India stays, and sufficient funds in NRE/NRO accounts, the tribunal held the additions were based on mere probability without supporting evidence. The appeal was allowed and additions deleted. en-us Fri, 09 Feb 2024 00:00:00 +0530 Mon, 10 Jun 2024 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449678 The ITAT Surat ruled in favor of an NRI assessee regarding cash deposit additions under section 147 reopening. The AO added cash deposits as unexplained income, arguing the assessee failed to provide cash flow statements and used cash deposits for demand drafts. The tribunal found the AO provided no adverse evidence that the assessee spent money elsewhere, noting only a time gap between ATM withdrawals and deposits. Given the assessee's NRI status, minimal business activity, brief India stays, and sufficient funds in NRE/NRO accounts, the tribunal held the additions were based on mere probability without supporting evidence. The appeal was allowed and additions deleted. Case-Laws Income Tax Fri, 09 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449678