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Delay in Cash Withdrawal & Redeposit Cannot Trigger Section 69 Addition: ITAT Chennai
Case Law Details
- Case Name
- Shanmugam Ethiraj Vs ITO (ITAT Chennai)
- 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 Chennai
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Shanmugam Ethiraj Vs ITO (ITAT Chennai)
The assessee, a director of M/s. S.V. Global Mills Ltd., filed his return of income for Assessment Year 2017-18 in response to a notice issued under Section 142(1). During scrutiny, the Assessing Officer noticed cash deposits of Rs.1,17,38,500 and cash withdrawals of Rs.2,19,59,800 from the assessee’s City Union Bank account.
The assessee explained that the cash deposits were sourced from interest income received from M/s. Srinidhi Finance Pvt. Ltd. and cash withdrawn earlier from the same bank account. The Assessing Officer accepted the explanatio...
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