Cash Deposits Explained by Withdrawals & Opening Balance – Section 69A Addition Quashed

Advertisement Ashok Kumar Mehrotra Vs ITO (ITAT Delhi) The ITAT Delhi allowed the assessee’s appeal and deleted the addition of ₹69.50 lakh made u/s 69A, holding that the cash deposits were fully explainable from disclosed cash withdrawals and opening cash balance and therefore could not be treated as unexplained money. The Tribunal noted that the assessee had deposited cash in three bank accounts aggregating to ₹69.50 lakh. The assessee demonstrated, with documentary evidence, that: cash withdrawals during the year amounted to ₹48.66 lakh, and opening cash balance of ₹51.53 lakh...