No Addition Can Be Made on Mere Presumption About Cash Withdrawal Habits: ITAT Bangalore

Suthakar Selvaraj Vs ITO (ITAT Bangalore) No Addition Can Be Made on Mere Presumption About Withdrawal Habits- ITAT Bangalore Deletes Addition on Cash Deposits – Withdrawals from Same Bank Account Accepted- Salaried Employee’s Bank Withdrawals Accepted as Source of Deposits– Assessee’s Cash Flow Statement Accepted Assessee, an employee of BEML Ltd, filed return declaring income of ₹5,78,420. AO noted mismatch between salary TDS & return income, & also found cash deposits of ₹10,70,600 in Canara Bank. Assessee explained that ₹5 lakhs came from property sale & the balan...