Bank Withdrawals Cannot Be Taxed as Unexplained Expenditure: ITAT Ahmedabad

Manojkumar Jethabhai Patel Vs ITO (ITAT Ahmedabad) Ahmedabad ITAT: Bank Withdrawals Cannot Be Taxed as Unexplained Expenditure; Quashes Addition of Agricultural Income After Reopening Fails The Ahmedabad ITAT condoned a delay of 59 days in filing the appeal and allowed the assessee’s appeal against the assessment made under Sections 147 read with 144B of the Income-tax Act for AY 2019-20. The Assessing Officer had reopened the assessment based on cash withdrawals of ₹29,76,150 from the assessee’s bank account and interest income, treated the cash withdrawals as unexplained expenditure un...