Section 69A Cannot Be Invoked for Cash Withdrawals from Own Bank Account

Advertisement ITO Vs Jaisingh Shankar (ITAT Chennai) Chennai ITAT: Section 69A Cannot Be Invoked for Cash Withdrawals from Own Bank Account The Chennai ITAT dismissed the Revenue’s appeal and upheld the First Appellate Authority’s order deleting the addition of ₹3,44,35,116 made under Section 69A of the Income-tax Act. The reassessment was initiated after credits were noticed in the assessee’s bank account, and the Assessing Officer treated cash withdrawals of ₹3,44,35,116 as unexplained money under Section 69A read with Section 115BBE, as the assessee could not furnish complete p...