https://www.taxtmi.com/caselaws?id=456037 ITAT Bangalore allowed the assessee's appeal regarding addition of Rs. 3.96 lakhs for unexplained bank deposits. The assessee demonstrated that they had withdrawn Rs. 13,72,500 from bank accounts during 2015-16 and 2016-17, of which Rs. 6.46 lakhs was redeposited during demonetization. The AO arbitrarily considered only Rs. 2.5 lakhs as available for redeposit without material evidence. ITAT held that absent proof of how the balance withdrawal amount was spent, the assessee adequately explained the source through earlier withdrawals, and deleted the addition. en-us Wed, 28 Dec 2022 00:00:00 +0530 Sun, 23 Jun 2024 21:58:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456037 ITAT Bangalore allowed the assessee's appeal regarding addition of Rs. 3.96 lakhs for unexplained bank deposits. The assessee demonstrated that they had withdrawn Rs. 13,72,500 from bank accounts during 2015-16 and 2016-17, of which Rs. 6.46 lakhs was redeposited during demonetization. The AO arbitrarily considered only Rs. 2.5 lakhs as available for redeposit without material evidence. ITAT held that absent proof of how the balance withdrawal amount was spent, the assessee adequately explained the source through earlier withdrawals, and deleted the addition. Case-Laws Income Tax Wed, 28 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456037