ITAT Deletes Cash Deposit Addition as Source Was Prior Bank Withdrawals

Advertisement Pushpa Vs ITO (ITAT Bangalore) Bangalore ITAT Deletes ₹58.80 Lakh Addition; Cash Withdrawn from Same Bank Can Be Redeployed Unless Revenue Proves Otherwise The Bangalore ITAT in Mrs. Pushpa v. ITO deleted an addition of ₹58,79,960 made under section 69A, holding that cash withdrawn from a bank account would ordinarily remain available for redeposit unless the Revenue establishes that the money was utilised elsewhere. The reassessment had been initiated on the basis of cash deposits made in a co-operative bank account by a non-filer of return. The assessee explained that su...