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No addition for Cash Deposits from Prior Bank Withdrawals: ITAT Cochin
Case Law Details
- Case Name
- Ullattil Sillu Vs ITO (ITAT Cochin)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-2018
- Courts
- All ITAT, ITAT Cochin
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Ullattil Sillu Vs ITO (ITAT Cochin)
Interval between date of cash withdrawal & deposit in bank does not warrant addition: ITAT Cochin
The case of Ullattil Sillu vs. ITO (ITAT Cochin) concerns the treatment of cash deposits made during the demonetization period. The assessee had filed a return declaring an income of Rs. 2,83,130, but the Assessing Officer (AO) added Rs. 2,42,000 as unexplained money, claiming that the deposits made into the bank were not substantiated. The assessee explained that the deposits were sourced from cash withdrawals made on August 5, 2016, amounting to Rs. 3,03,0...
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