https://www.taxtmi.com/caselaws?id=750655 The ITAT Delhi ruled in favor of the assessee regarding addition under section 69A for unexplained cash deposits. The tribunal found that the assessee had provided adequate source documentation showing cash withdrawals as the origin of the deposits. Since the revenue failed to present contrary evidence to challenge the assessee's explanation, the AO was directed to delete the addition. The tribunal emphasized that without adverse material, cash deposits with proven sources cannot be treated as unexplained. en-us Fri, 22 Mar 2024 00:00:00 +0530 Wed, 27 Mar 2024 08:29:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750655 The ITAT Delhi ruled in favor of the assessee regarding addition under section 69A for unexplained cash deposits. The tribunal found that the assessee had provided adequate source documentation showing cash withdrawals as the origin of the deposits. Since the revenue failed to present contrary evidence to challenge the assessee's explanation, the AO was directed to delete the addition. The tribunal emphasized that without adverse material, cash deposits with proven sources cannot be treated as unexplained. Case-Laws Income Tax Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750655