https://www.taxtmi.com/caselaws?id=756466 The ITAT Surat ruled in favor of the assessee regarding unexplained money under Section 69A. The AO had made an addition at 77.25% rate under Section 115BBE for Rs. 36.50 lacs deposited in Specified Bank Notes during demonetization. The Tribunal found that the assessee adequately proved the source through documented opening cash balance of Rs. 9,25,837, undisputed monthly withdrawals, and legitimate cash expenses. Since withdrawal patterns, opening balance, and expenses were not disputed by authorities, the AO's action was deemed based on suspicion rather than evidence, making the addition unjustified. en-us Wed, 31 Jul 2024 00:00:00 +0530 Sat, 03 Aug 2024 08:09:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756466 The ITAT Surat ruled in favor of the assessee regarding unexplained money under Section 69A. The AO had made an addition at 77.25% rate under Section 115BBE for Rs. 36.50 lacs deposited in Specified Bank Notes during demonetization. The Tribunal found that the assessee adequately proved the source through documented opening cash balance of Rs. 9,25,837, undisputed monthly withdrawals, and legitimate cash expenses. Since withdrawal patterns, opening balance, and expenses were not disputed by authorities, the AO's action was deemed based on suspicion rather than evidence, making the addition unjustified. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756466