AO’s Treatment of Cash Deposits as Unexplained Without Adverse Material Unjustified

Preeti Bhardwaj Vs ITO (ITAT Delhi) ITAT Delhi in Preeti Bhardwaj Vs ITO held that AO cannot treat cash deposits as unexplained when assessee has provided the source of cash deposits being cash withdrawals without bringing adverse material. In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Delhi provided relief to Preeti Bhardwaj against the order of the Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi. The case pertained to the assessment year 2017-18, wherein the assessing officer (AO) made an addition of Rs. 29,60,000 under section 69A of the I...