Cash Withdrawals Exceed Deposits? ITAT Deletes Sec. 69A Addition, Shifts Burden to Department

Karan Kumar Vs ITO (ITAT Lucknow) Maths Beats Suspicion! Cash Flow Explained, Addition Denied- Cash Withdrawn > Cash Deposited? ITAT Says: Simple Maths, No 69A In this case, Assessee was a salaried individual earning only salary & bank interest, & had filed his return declaring income of ₹5,62,840 for A.Y. 2017-18. During demonetisation, he deposited ₹4,41,500 in old currency into his bank account. AO treated ₹1,91,500 out of this as unexplained cash deposit & made an addition u/s 69A, alleging that Assessee had not proved the source of cash. CIT(A) confirmed the addition ...