ITAT Remands Unexplained Opening Cash Issue to AO for Bank Withdrawal Verification

Bhavin Vinubhai Thakkar Vs ITO (ITAT Ahmedabad)

Opening Cash Balance Treated as Unexplained – Tribunal Sends Issue Back to AO for Verification of Bank Withdrawals

Assessee challenged addition of ₹40,55,603/- made u/s 69A by treating the opening cash-in-hand as on 01.04.2016 as unexplained. CIT(A) upheld the addition on the ground that Assessee failed to substantiate the cash balance & had made only minor withdrawals in the prior year.

Before Tribunal, Assessee produced bank statements & relevant ledger extracts, showing that the opening cash balance was no

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