No 69A Addition When Deposits Linked to Earlier Withdrawals – Idle Cash Argument Not Enough

Hamsakala Suresh Rao Vs ITO (ITAT Bangalore) No 69A Addition When Deposits Linked to Earlier Withdrawals – Idle Cash Argument Not Enough- Burden Shifts to Revenue – Withdrawals Sufficient to Justify Deposits, Addition Deleted Bangalore Tribunal in the case of has held that when cash deposits during the demonetisation period are supported by earlier withdrawals, such deposits cannot be taxed as unexplained u/s 69A. Assessee, an individual, had filed return of income declaring ₹1,23,680 under the head “Income from Other Sources.” During assessment, AO noticed cash deposits of ₹48,50,...