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Consistent Withdrawal Pattern Valid Source – Section 69A & 115BBE Addition Deleted
Case Law Details
- Case Name
- Guneet Kaur Chadha Vs ITO (ITAT Delhi)
- 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 Delhi
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Guneet Kaur Chadha Vs ITO (ITAT Delhi)
Earlier Withdrawals = Explained Source: Section 69A Addition Quashed- No Evidence of Diversion, Cash Balance Proven—115BBE Addition Removed
Assessee filed ROI declaring income of ₹16,88,110. During demonetization, she deposited ₹25,00,000 (11-11-2016) & ₹4,000 (22-11-2016) in specified bank notes. AO held that the explanation for source was not satisfactory & made an addition of ₹25,04,000 u/s 69A r.w.s. 115BBE, which CIT(A)/NFAC confirmed.
Assessee explained that she had accumulated cash from substantial withdrawals during FY 2015-16 &a...
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