Addition Deleted as Cash Deposits Linked to Earlier Withdrawals

Bhikhabhai Mangalbhai Patel Vs ITO (ITAT Ahmedabad) Brief facts: The assessee appealed against the order of CIT(A), NFAC, confirming an addition of ₹15,00,000 as unexplained cash deposit under Section 68 / 69A. The deposits were made in three separate bank accounts in November 2016. The assessee submitted: On 18.07.2016, he had withdrawn exactly ₹5,00,000, ₹7,00,000, and ₹3,00,000 from the same respective bank accounts. The cash was withdrawn for house construction, but since the project did not materialize, the amount was re-deposited four months later into the same accounts. The ba...