https://www.taxtmi.com/caselaws?id=461513 ITAT Pune allowed the assessee's appeal against addition of unexplained cash deposits. The tribunal held that since revenue authorities had no material evidence showing the assessee invested in other assets or made expenditures, the assessee's explanation that deposited cash came from previous bank withdrawals could not be summarily rejected. The deposited amount was less than previously withdrawn cash, and without evidence of alternative spending, the earlier withdrawals remained available for redeposit. The tribunal set aside CIT(A)'s order and directed AO to delete the addition. en-us Fri, 29 Jul 2016 00:00:00 +0530 Thu, 10 Apr 2025 19:26:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461513 ITAT Pune allowed the assessee's appeal against addition of unexplained cash deposits. The tribunal held that since revenue authorities had no material evidence showing the assessee invested in other assets or made expenditures, the assessee's explanation that deposited cash came from previous bank withdrawals could not be summarily rejected. The deposited amount was less than previously withdrawn cash, and without evidence of alternative spending, the earlier withdrawals remained available for redeposit. The tribunal set aside CIT(A)'s order and directed AO to delete the addition. Case-Laws Income Tax Fri, 29 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461513