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ITAT Remands Unexplained Opening Cash Issue to AO for Bank Withdrawal Verification
Case Law Details
- Case Name
- Bhavin Vinubhai Thakkar Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Ahmedabad
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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 nothing but accumulated cash...
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