https://www.taxtmi.com/caselaws?id=757306 ITAT Indore-AT ruled in favor of the assessee regarding cash deposit addition under Section 69A read with Section 115BBE. The assessee had deposited Rs. 11,00,000 in bank account, which AO treated as unexplained money. However, ITAT found that previous withdrawal of Rs. 15,00,000 was sufficient to cover the re-deposited amount. Following precedent from ITAT Bangalore, the tribunal held that since previous withdrawal exceeded re-deposit amount, no further verification was required at AO level. The addition made by AO was deleted entirely. en-us Fri, 02 Feb 2024 00:00:00 +0530 Thu, 22 Aug 2024 09:08:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757306 ITAT Indore-AT ruled in favor of the assessee regarding cash deposit addition under Section 69A read with Section 115BBE. The assessee had deposited Rs. 11,00,000 in bank account, which AO treated as unexplained money. However, ITAT found that previous withdrawal of Rs. 15,00,000 was sufficient to cover the re-deposited amount. Following precedent from ITAT Bangalore, the tribunal held that since previous withdrawal exceeded re-deposit amount, no further verification was required at AO level. The addition made by AO was deleted entirely. Case-Laws Income Tax Fri, 02 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757306