https://www.taxtmi.com/caselaws?id=462164 ITAT Amritsar allowed the assessee's appeal regarding unexplained cash deposits. The assessee claimed deposits originated from agricultural land sale proceeds and were redeposits of previously withdrawn cash from the same bank account. The tribunal found sufficient cash balance was available on deposit dates and the department failed to establish that withdrawn cash was utilized elsewhere. In absence of adverse findings regarding cash utilization, the tribunal granted benefit of redeposit to the assessee and directed deletion of the addition. en-us Mon, 22 Jul 2024 00:00:00 +0530 Wed, 28 May 2025 14:30:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462164 ITAT Amritsar allowed the assessee's appeal regarding unexplained cash deposits. The assessee claimed deposits originated from agricultural land sale proceeds and were redeposits of previously withdrawn cash from the same bank account. The tribunal found sufficient cash balance was available on deposit dates and the department failed to establish that withdrawn cash was utilized elsewhere. In absence of adverse findings regarding cash utilization, the tribunal granted benefit of redeposit to the assessee and directed deletion of the addition. Case-Laws Income Tax Mon, 22 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462164