Mere time gap between withdrawal & deposit can’t justify section 69 addition: Chennai ITAT

Ganapathy Panneerselvam Vs ITO (ITAT Chennai)

During the limited scrutiny to examine cash deposits made during the demonetization period, when questioned by AO about the source of the cash deposits of Rs.15,10,500/-, the Individual assessee, explained before AO that the cash deposits made during the demonetization period represented the re-deposit of unutilized cash previously withdrawn from the same bank account. In support of this explanation, the assessee submitted bank statements reflecting the cash withdrawals, along with bills & supporting d

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