Same-Day Cash Withdrawal and Deposit Not Unexplained Income

Baldev Singh Vs ITO (ITAT Chandigarh) Same-Day Withdrawal & Redeployment Explained: Chandigarh ITAT Deletes ₹1.25 Cr 69A Addition on Bank Deposits Chandigarh ITAT, Division Bench ‘A’, in Shri Baldev Singh Vs ITO (ITA No.498/CHD/2025; AY 2016-17; order dated 18-12-2025), allowed the assessee’s appeal and deleted the addition of ₹1.25 crore made u/s 69A towards alleged unexplained cash deposits. The Tribunal noted that the assessee had withdrawn ₹1.25 crore from his HDFC Bank account on 20-07-2015 and redeposited the same amount into his Axis Bank account on 21-07-2015, which was...