https://www.taxtmi.com/caselaws?id=759997 The ITAT Ahmedabad partially allowed the appeal regarding unexplained income under Section 69A. The Tribunal accepted documented cash withdrawals from ICICI and SBI banks as legitimate sources for demonetization deposits, ruling that the Department failed to provide contrary evidence. However, the Tribunal sustained additions of Rs. 3,70,000 for claimed USD conversions due to lack of forex receipts and documentary evidence from authorized money exchangers. The penalty under Section 271AAC and interest under Sections 234A, 234B, and 234C were directed to be recalculated based on the reduced assessed income. en-us Thu, 10 Oct 2024 00:00:00 +0530 Mon, 14 Oct 2024 08:43:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759997 The ITAT Ahmedabad partially allowed the appeal regarding unexplained income under Section 69A. The Tribunal accepted documented cash withdrawals from ICICI and SBI banks as legitimate sources for demonetization deposits, ruling that the Department failed to provide contrary evidence. However, the Tribunal sustained additions of Rs. 3,70,000 for claimed USD conversions due to lack of forex receipts and documentary evidence from authorized money exchangers. The penalty under Section 271AAC and interest under Sections 234A, 234B, and 234C were directed to be recalculated based on the reduced assessed income. Case-Laws Income Tax Thu, 10 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759997