https://www.taxtmi.com/caselaws?id=774675 ITAT Bangalore held that cash deposits in assessee's bank account belonged to the company where assessee worked as employee. While AO added entire deposit amount as unexplained money u/s 69A, the tribunal found source was explained since deposits belonged to company. However, utilization of deposits for company expenditures was not examined. Tribunal directed JAO to verify withdrawals and determine actual beneficiary. If assessee received no financial benefit, relief should be granted and action taken against company following due procedure. Appeal allowed for statistical purposes. en-us Fri, 13 Jun 2025 00:00:00 +0530 Sat, 12 Jul 2025 08:40:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774675 ITAT Bangalore held that cash deposits in assessee's bank account belonged to the company where assessee worked as employee. While AO added entire deposit amount as unexplained money u/s 69A, the tribunal found source was explained since deposits belonged to company. However, utilization of deposits for company expenditures was not examined. Tribunal directed JAO to verify withdrawals and determine actual beneficiary. If assessee received no financial benefit, relief should be granted and action taken against company following due procedure. Appeal allowed for statistical purposes. Case-Laws Income Tax Fri, 13 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774675