https://www.taxtmi.com/caselaws?id=750954 ITAT Delhi quashed assessment order u/s 153C involving additions under sections 69A and 115BBE for post-demonetization cash deposits. Third member ruled AO failed to provide conclusive evidence linking assessee to Rs. 30 crores deposited in third party bank accounts. CCTV footage showing relatives/associates at bank created mere presumption, not conclusive proof. Statement from interested director without corroborative evidence was unreliable. AO conducted inadequate inquiry, examining only one bank branch while ignoring statutory presumption under sections 132(4A) and 292C requiring burden of proof on person from whose possession money was found. Assessment order held invalid; additions deleted in assessee's favor. en-us Tue, 26 Mar 2024 00:00:00 +0530 Wed, 03 Apr 2024 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750954 ITAT Delhi quashed assessment order u/s 153C involving additions under sections 69A and 115BBE for post-demonetization cash deposits. Third member ruled AO failed to provide conclusive evidence linking assessee to Rs. 30 crores deposited in third party bank accounts. CCTV footage showing relatives/associates at bank created mere presumption, not conclusive proof. Statement from interested director without corroborative evidence was unreliable. AO conducted inadequate inquiry, examining only one bank branch while ignoring statutory presumption under sections 132(4A) and 292C requiring burden of proof on person from whose possession money was found. Assessment order held invalid; additions deleted in assessee's favor. Case-Laws Income Tax Tue, 26 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750954