https://www.taxtmi.com/caselaws?id=770964 ITAT Delhi allowed the appeal and deleted the addition of unexplained cash deposits. The appellant successfully explained that bank accounts were jointly held and cash deposits originated from earlier withdrawals from the same accounts. Cash flow statements showed sufficient funds available for re-deposit. During remand proceedings, a witness confirmed an unsuccessful land deal involving Rs. 40 lakh received and returned in cash. Despite timing discrepancies in witness testimony, ITAT found merit in the appellant's explanation of the cash cycle and held that AO and CIT(A) erred in confirming the addition. en-us Fri, 09 May 2025 00:00:00 +0530 Mon, 19 May 2025 08:37:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770964 ITAT Delhi allowed the appeal and deleted the addition of unexplained cash deposits. The appellant successfully explained that bank accounts were jointly held and cash deposits originated from earlier withdrawals from the same accounts. Cash flow statements showed sufficient funds available for re-deposit. During remand proceedings, a witness confirmed an unsuccessful land deal involving Rs. 40 lakh received and returned in cash. Despite timing discrepancies in witness testimony, ITAT found merit in the appellant's explanation of the cash cycle and held that AO and CIT(A) erred in confirming the addition. Case-Laws Income Tax Fri, 09 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770964