https://www.taxtmi.com/caselaws?id=754600 The ITAT Delhi allowed the assessee's appeal and deleted the addition made under section 69A regarding cash deposits during demonetization. The tribunal found that the source of cash deposits was clearly explainable from earlier cash withdrawals reflected in the same bank account. The assessee adequately explained holding Rs. 15 lakhs cash for 14 months due to requirement to pay medical college fees within three days of intimation. The cash withdrawal source was traced to maturity proceeds of fixed deposits, evidenced by bank statements. The addition was therefore deleted. en-us Fri, 19 Jan 2024 00:00:00 +0530 Thu, 27 Jun 2024 08:55:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754600 The ITAT Delhi allowed the assessee's appeal and deleted the addition made under section 69A regarding cash deposits during demonetization. The tribunal found that the source of cash deposits was clearly explainable from earlier cash withdrawals reflected in the same bank account. The assessee adequately explained holding Rs. 15 lakhs cash for 14 months due to requirement to pay medical college fees within three days of intimation. The cash withdrawal source was traced to maturity proceeds of fixed deposits, evidenced by bank statements. The addition was therefore deleted. Case-Laws Income Tax Fri, 19 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754600