Suspicion Isn’t Proof: ITAT Surat Deletes Unexplained Money Addition

Ajit Rameshchandra Pathak Vs DCIT (ITAT Surat) No Presumptions, Only Evidence: Books Not Rejected, Withdrawals Accepted — Suspicion Cannot Replace Proof- ITAT Surat Quashes Unexplained Money Addition- Assessee, an individual earning interest & dividend income, was selected for limited scrutiny due to large cash deposits during demonetisation. Total deposits of ₹59,39,500 were noticed-₹43,00,000 in the bank account of Assessee’s late mother, Smt. Shantaben Pathak, & ₹16,39,500 in his own account. AO presumed that earlier cash withdrawals made by mother & Assessee were spen...