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Bangalore ITAT: Cash Deposit Addition Unsustainable Without Examining Withdrawals & Cash Flow
Case Law Details
- Case Name
- Bangalore Nagaraj Vishwanath Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Bangalore
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Bangalore Nagaraj Vishwanath Vs ITO (ITAT Bangalore)
Bangalore ITAT: Addition Cannot Be Based on Gross Cash Deposits Alone Without Examining Cash Withdrawals, Cash Flow and Explanation
Bangalore ITAT deleted an addition of ₹60 lakh made towards unexplained cash deposits after holding that the assessee had satisfactorily explained the source of the deposits through documentary evidence.
Assessing Officer had treated ₹60 lakh out of total cash deposits as unexplained, observing that the assessee had deposited ₹99.28 lakh in cash during the year. The assessee explained that ₹13 lakh repre...
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