https://www.taxtmi.com/caselaws?id=314305 The ITAT Bangalore allowed the assessee's appeal against addition under Section 69A for unexplained cash deposits during demonetization. The assessee had withdrawn Rs. 32 lakhs from bank for purchasing agricultural land which did not materialize. Rs. 10 lakhs was redeposited earlier, leaving Rs. 21 lakhs available for deposit during demonetization period. The AO's disbelief of the source was based on conjectures without evidence. The tribunal held that holding cash is not prohibited by law, and the AO failed to prove cash was utilized for other purposes. The source of deposits was adequately explained through bank withdrawal records, warranting deletion of the addition. en-us Thu, 23 Nov 2023 00:00:00 +0530 Thu, 30 May 2024 20:53:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314305 The ITAT Bangalore allowed the assessee's appeal against addition under Section 69A for unexplained cash deposits during demonetization. The assessee had withdrawn Rs. 32 lakhs from bank for purchasing agricultural land which did not materialize. Rs. 10 lakhs was redeposited earlier, leaving Rs. 21 lakhs available for deposit during demonetization period. The AO's disbelief of the source was based on conjectures without evidence. The tribunal held that holding cash is not prohibited by law, and the AO failed to prove cash was utilized for other purposes. The source of deposits was adequately explained through bank withdrawal records, warranting deletion of the addition. Case-Laws Income Tax Thu, 23 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314305