Case Law Details
Case Name : Bhikhabhai Mangalbhai Patel Vs ITO (ITAT Ahmedabad)
Related Assessment Year : 2017-18
Courts :
All ITAT ITAT Ahmedabad
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Bhikhabhai Mangalbhai Patel Vs ITO (ITAT Ahmedabad)
Brief facts:
The assessee appealed against the order of CIT(A), NFAC, confirming an addition of ₹15,00,000 as unexplained cash deposit under Section 68 / 69A. The deposits were made in three separate bank accounts in November 2016.
The assessee submitted:
On 18.07.2016, he had withdrawn exactly ₹5,00,000, ₹7,00,000, and ₹3,00,000 from the same respective bank accounts.
The cash was withdrawn for house construction, but since the project did not materialize, the amount was re-deposited four months later into the same accounts.
The ba...
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