https://www.taxtmi.com/caselaws?id=775411 ITAT Rajkot remanded the addition under section 69A for unexplained cash credits, noting that large bank deposits were accompanied by simultaneous withdrawals, leaving negligible balances. The tribunal found the AO failed to establish that the deposits represented undisclosed income or that the assessee had income corresponding to the additions. The AO was directed to verify the declared business income, the nature of business activities, and the source of income, including the separate business of the assessee's wife and bank withdrawals. The matter was sent back for fresh adjudication on merits. en-us Mon, 02 Jun 2025 00:00:00 +0530 Thu, 24 Jul 2025 10:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775411 ITAT Rajkot remanded the addition under section 69A for unexplained cash credits, noting that large bank deposits were accompanied by simultaneous withdrawals, leaving negligible balances. The tribunal found the AO failed to establish that the deposits represented undisclosed income or that the assessee had income corresponding to the additions. The AO was directed to verify the declared business income, the nature of business activities, and the source of income, including the separate business of the assessee's wife and bank withdrawals. The matter was sent back for fresh adjudication on merits. Case-Laws Income Tax Mon, 02 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775411