https://www.taxtmi.com/caselaws?id=753356 ITAT Bangalore allowed the assessee's appeal regarding unexplained cash deposits under Section 69A during demonetization. The assessee provided bank statements showing withdrawals and deposits, rent agreements, and tenant confirmations for cash rental income. The tribunal held that when an assessee claims earlier withdrawals were available for redeposit, credit cannot be denied without material evidence that funds were spent elsewhere. Following precedent from Karnataka HC, the tribunal deleted the addition for unexplained cash deposits, accepting the assessee's explanation of redepositing previously withdrawn cash and rental income. en-us Wed, 10 Jan 2024 00:00:00 +0530 Fri, 31 May 2024 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753356 ITAT Bangalore allowed the assessee's appeal regarding unexplained cash deposits under Section 69A during demonetization. The assessee provided bank statements showing withdrawals and deposits, rent agreements, and tenant confirmations for cash rental income. The tribunal held that when an assessee claims earlier withdrawals were available for redeposit, credit cannot be denied without material evidence that funds were spent elsewhere. Following precedent from Karnataka HC, the tribunal deleted the addition for unexplained cash deposits, accepting the assessee's explanation of redepositing previously withdrawn cash and rental income. Case-Laws Income Tax Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753356