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Cash Withdrawn Earlier Cannot Become ‘Unexplained Cash’ on Re-Deposit: ITAT Bangalore
Case Law Details
- Case Name
- Creative Engineering And Constructions Vs DCIT (ITAT Bangalore)
- 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 Bangalore
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Creative Engineering And Constructions Vs DCIT (ITAT Bangalore)
Cash Withdrawn Earlier Cannot Become ‘Unexplained Cash’ on Re-Deposit- Bangalore ITAT Deletes ₹27 Lakh Demonetisation Addition
The Bangalore ITAT deleted an addition of ₹27 lakh made u/s 68 in respect of cash deposits during the demonetisation period, holding that when the assessee had already established that the cash deposited originated from earlier withdrawals from the same bank account, the deposits could not be treated as unexplained merely on suspicion.
The assessee, a civil construction firm, had d...
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