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Mere time gap between withdrawal & deposit can’t justify section 69 addition: Chennai ITAT
Case Law Details
- Case Name
- Ganapathy Panneerselvam Vs ITO (ITAT Chennai)
- 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 Chennai
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Ganapathy Panneerselvam Vs ITO (ITAT Chennai)
During the limited scrutiny to examine cash deposits made during the demonetization period, when questioned by AO about the source of the cash deposits of Rs.15,10,500/-, the Individual assessee, explained before AO that the cash deposits made during the demonetization period represented the re-deposit of unutilized cash previously withdrawn from the same bank account. In support of this explanation, the assessee submitted bank statements reflecting the cash withdrawals, along with bills & supporting documents for the expenses incurred for the ...
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