Addition Partly Deleted as ITAT Finds Loan Withdrawals Linked to Cash Deposits

Mohan Lal Bhapta Vs ITO (ITAT Chandigarh) This appeal concerns the assessee’s challenge to the order dated 27 December 2024 passed by the CIT(A)-1, Coimbatore, for Assessment Year 2017–18, which had upheld an addition of ₹11,24,000 as unexplained money under Section 69A of the Income-tax Act. The assessee, an individual deriving income from pension and horticulture, filed a return declaring total income of ₹2,73,150 and agricultural income of ₹4,83,116. During scrutiny, the Assessing Officer (AO) observed cash deposits during the demonetization period amounting to ₹11,24,000—of w...