https://www.taxtmi.com/caselaws?id=773932 ITAT Chennai ruled in favor of assessee regarding cash deposits during demonetization period. Assessee deposited Rs. 15,10,500 claiming it was from earlier bank withdrawals for son's marriage expenses that remained unutilized. Despite time gap between withdrawal and re-deposit, tribunal found assessee discharged initial burden by providing cash flow statements, bank records, and cash book extracts. AO's rejection based solely on time gap was held invalid as no statutory time limit exists for re-deposits. Without contrary evidence proving alternate use of withdrawn cash, addition under section 69 was deleted. Appeal allowed. en-us Fri, 27 Jun 2025 00:00:00 +0530 Mon, 30 Jun 2025 08:46:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773932 ITAT Chennai ruled in favor of assessee regarding cash deposits during demonetization period. Assessee deposited Rs. 15,10,500 claiming it was from earlier bank withdrawals for son's marriage expenses that remained unutilized. Despite time gap between withdrawal and re-deposit, tribunal found assessee discharged initial burden by providing cash flow statements, bank records, and cash book extracts. AO's rejection based solely on time gap was held invalid as no statutory time limit exists for re-deposits. Without contrary evidence proving alternate use of withdrawn cash, addition under section 69 was deleted. Appeal allowed. Case-Laws Income Tax Fri, 27 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773932