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Addition Deleted as Cash Deposits Linked to Earlier Withdrawals
Case Law Details
- Case Name
- Bhikhabhai Mangalbhai Patel 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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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On 18.07.2016, he had withdrawn exactly ₹5,00,000, ₹7,00,000, and ₹3,00,000 from the same respective bank accounts.
The cash was withdrawn for house construction, but since the project did not materialize, the amount was re-deposited four months later into the same ...
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