Cash Withdrawn, Then Re-Deposited: ITAT Deletes ₹17.29 Lakh Addition as Fully Explained

Euro Steels Vs JAO (ITAT Chandigarh) Assessee’s appeal was filed 177 days late, but the ITAT condoned the delay after considering the explanation. Before the CIT(A), the order had been passed ex-parte, confirming two additions: (1) ₹17,29,000 for cash deposits, & (2) ₹22,25,897 for credit entries in bank account. Before ITAT, Assessee did not press the ground relating to the ₹22,25,897 addition, so that portion was dismissed. On the key issue of ₹17,29,000 cash deposits, Assessee demonstrated that these deposits were merely re-deposits of cash earlier withdrawn, with only a 3–4...