Cash withdrawals satisfactorily explained through documents cannot be added u/s. 69A

Rajendra Gadhia Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held that addition u/s. 69A of the Income Tax Act reduced with the amount of cash withdrawals which is satisfactorily explained through documents. Held that once cash withdrawals are demonstrated, the burden shifts to the Department to disprove their availability for subsequent deposits.

Facts- The assessee is an NRI. During the demonetization period, the assessee made cash deposits of Rs.6,00,000/- each in his bank account. The case was selected for scrutiny, and the AO questioned the source of these ca

Please become a Premium member. If you are already a Premium member, login here to access the full content.