Addition Deleted as Cash Payment Explained Through Bank Withdrawals

Advertisement 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...