Addition u/s. 69A towards unexplained money unjustified as cash withdrawn more than cash deposit

Bharat Kumar Chetri Vs ITO (ITAT Bangalore)

ITAT Bangalore deleted addition made under section 69A of the Income Tax Act towards unexplained money after examining the cash withdrawn and cash deposit amounts, since cash withdrawn is more than cash deposit.

Facts- The assessee filed return of income u/s. 139(1) of the Act on 02.8.2017 declaring total income of Rs.4,24,800. The case was selected for limited scrutiny on the reasons (a) Cash deposit during the year, and (b) Cash withdrawals. Notice u/s. 143(2) dated 14.08.2018 was issued to the assessee, but ther

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