Unexplained Cash Deposit Explained as Bank Withdrawals: No Justification for Income Addition, Rules Commissioner of Income Tax (Appeals).

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....Unexplained cash deposit for settling credit card bills - How much cash an assessee keeps cannot be reason for dismissing the explanation regarding payment made in cash. In the present case, the assessee having explained the cash deposits as withdrawals from his bank account, CIT(A) having not found any infirmity in this explanation of the assessee, we see no reason for upholding the addition - AT....