Addition Deleted as Cash Payment Explained Through Bank Withdrawals

Utpalkumar Devendrakumar Vs DCIT (ITAT Surat)

The Income Tax Appellate Tribunal, Surat allowed the assessee’s appeal and deleted an addition of ₹5.25 lakh made under Section 69 of the Income Tax Act for alleged “on-money” payment in cash towards booking of a residential flat. The assessee, a salaried individual who did not maintain regular books of account, had jointly purchased a flat with his wife for a total consideration of ₹60 lakh. The Assessing Officer noted a cash payment of ₹10.50 lakh and treated half of it as unexplained investment. However, the assessee expl

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