https://www.taxtmi.com/caselaws?id=769444 ITAT Chennai ruled in favor of assessee regarding addition under section 69 for cash deposits during demonetization. The assessee proved possession of sufficient funds from bank withdrawals to cover the deposits. Once AO accepted genuineness of withdrawal source, partial rejection of explanation for same source was held unreasonable without cogent material evidence. The Tribunal found assessee discharged initial burden while AO's rejection was based on conjecture rather than evidence. Addition under section 69 was deleted and assessee's appeal was allowed. en-us Wed, 23 Apr 2025 00:00:00 +0530 Fri, 25 Apr 2025 08:53:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769444 ITAT Chennai ruled in favor of assessee regarding addition under section 69 for cash deposits during demonetization. The assessee proved possession of sufficient funds from bank withdrawals to cover the deposits. Once AO accepted genuineness of withdrawal source, partial rejection of explanation for same source was held unreasonable without cogent material evidence. The Tribunal found assessee discharged initial burden while AO's rejection was based on conjecture rather than evidence. Addition under section 69 was deleted and assessee's appeal was allowed. Case-Laws Income Tax Wed, 23 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769444