https://www.taxtmi.com/caselaws?id=752478 ITAT Bangalore ruled in favor of the assessee regarding unexplained cash deposits under section 69A. The assessee demonstrated an opening balance of Rs.19,71,244 as disclosed in ITR-4 for AY 2016-17, which was available for deposits into bank accounts. The department failed to provide contrary evidence to deny this opening balance availability. Following precedent from Shri Narayana Shibaroor Shibaraya case, the Tribunal held that revenue must prove previous cash withdrawals were unavailable at deposit time. The AO and CIT(A) relied on assumptions rather than evidence, while the assessee satisfactorily explained the source of deposited funds. en-us Mon, 01 Jan 2024 00:00:00 +0530 Sat, 11 May 2024 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752478 ITAT Bangalore ruled in favor of the assessee regarding unexplained cash deposits under section 69A. The assessee demonstrated an opening balance of Rs.19,71,244 as disclosed in ITR-4 for AY 2016-17, which was available for deposits into bank accounts. The department failed to provide contrary evidence to deny this opening balance availability. Following precedent from Shri Narayana Shibaroor Shibaraya case, the Tribunal held that revenue must prove previous cash withdrawals were unavailable at deposit time. The AO and CIT(A) relied on assumptions rather than evidence, while the assessee satisfactorily explained the source of deposited funds. Case-Laws Income Tax Mon, 01 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752478