Cash Withdrawals in Gold Loan Business Not Taxable Under Section 69C: ITAT Mumbai

Mahendra Singh Dasana Vs ITO (ITAT Mumbai) No addition of cash withdrawals u/s 69C for gold loan intermediary business as there was documentary evidence for Gold Loan Business: ITAT Mumbai Conclusion: Addition of cash withdrawal under Section 69C in relation to the legitimate gold loan intermediary business was not justified observing that the documentary evidence including gold loan recorded validated gold loan business, thus there was no unexplained nature in the withdrawal. Held: Assessee was an individual engaging in the business of short-term mortgage loans against gold ornaments as secur...