https://www.taxtmi.com/caselaws?id=767890 Cash deposits during the demonetisation period were not treated as unexplained income where the assessee showed earlier withdrawals from his own bank account and linked the later deposits to those withdrawals. The Revenue's failure to produce positive material showing that the withdrawn cash had been spent, invested, or otherwise become unavailable meant the explanation remained unrebutted. A mere time gap between withdrawal and redeposit, or reliance on assumptions about normal conduct, was held insufficient. The addition for unexplained cash credit was therefore deleted in favour of the assessee. en-us Tue, 25 Mar 2025 00:00:00 +0530 Thu, 27 Mar 2025 08:36:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767890 Cash deposits during the demonetisation period were not treated as unexplained income where the assessee showed earlier withdrawals from his own bank account and linked the later deposits to those withdrawals. The Revenue's failure to produce positive material showing that the withdrawn cash had been spent, invested, or otherwise become unavailable meant the explanation remained unrebutted. A mere time gap between withdrawal and redeposit, or reliance on assumptions about normal conduct, was held insufficient. The addition for unexplained cash credit was therefore deleted in favour of the assessee. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767890