https://www.taxtmi.com/caselaws?id=764996 The ITAT Rajkot deleted the addition made under Section 69A for unexplained cash deposits in the assessee's bank account. The tribunal found that the assessee had consistently deposited cash in similar patterns across multiple years, including before and after demonetization, indicating no abnormal activity. The assessee provided substantial documentary evidence to prove the genuineness of deposits, which the AO and CIT(A) failed to appreciate or refute. The tribunal held that when an assessee presents comprehensive supporting evidence, it cannot be dismissed without proper reasoning based merely on suspicion. en-us Mon, 20 Jan 2025 00:00:00 +0530 Wed, 22 Jan 2025 18:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764996 The ITAT Rajkot deleted the addition made under Section 69A for unexplained cash deposits in the assessee's bank account. The tribunal found that the assessee had consistently deposited cash in similar patterns across multiple years, including before and after demonetization, indicating no abnormal activity. The assessee provided substantial documentary evidence to prove the genuineness of deposits, which the AO and CIT(A) failed to appreciate or refute. The tribunal held that when an assessee presents comprehensive supporting evidence, it cannot be dismissed without proper reasoning based merely on suspicion. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764996