https://www.taxtmi.com/caselaws?id=752479 ITAT Bangalore allowed the assessee's appeal, deleting all additions made for unexplained deposits. The Tribunal held that when assessee explained deposits as withdrawals from same bank account, revenue cannot examine reasons for withdrawals or disbelieve the explanation on mere surmises. For deposits claimed as refund from property advance, authorities failed to conduct necessary inquiry before making additions. Small demonetization deposits from savings and amounts received from parents were also deleted as revenue provided no contrary material evidence. en-us Mon, 01 Jan 2024 00:00:00 +0530 Fri, 10 May 2024 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752479 ITAT Bangalore allowed the assessee's appeal, deleting all additions made for unexplained deposits. The Tribunal held that when assessee explained deposits as withdrawals from same bank account, revenue cannot examine reasons for withdrawals or disbelieve the explanation on mere surmises. For deposits claimed as refund from property advance, authorities failed to conduct necessary inquiry before making additions. Small demonetization deposits from savings and amounts received from parents were also deleted as revenue provided no contrary material evidence. Case-Laws Income Tax Mon, 01 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752479