https://www.taxtmi.com/caselaws?id=460843 ITAT Raipur allowed the assessee's appeal regarding unexplained cash deposits under Section 69A. The assessee claimed cash deposits during demonetization were sourced from pre-demonetization withdrawals made in September 2016. The tribunal held that since the revenue department failed to prove the withdrawn cash was invested elsewhere or unavailable for subsequent deposits, the assessee's explanation was acceptable. The addition made by lower authorities was vacated as the department could not disprove the availability of previously withdrawn funds. en-us Wed, 09 Oct 2024 00:00:00 +0530 Mon, 24 Feb 2025 18:57:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460843 ITAT Raipur allowed the assessee's appeal regarding unexplained cash deposits under Section 69A. The assessee claimed cash deposits during demonetization were sourced from pre-demonetization withdrawals made in September 2016. The tribunal held that since the revenue department failed to prove the withdrawn cash was invested elsewhere or unavailable for subsequent deposits, the assessee's explanation was acceptable. The addition made by lower authorities was vacated as the department could not disprove the availability of previously withdrawn funds. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460843