No addition on mere frequent withdrawal and deposit of own money

DCIT Vs Smt. Veena Awasthi (ITAT Lucknow) Conclusion: Addition made by AO merely on the ground that assessee made frequent withdrawal and deposit of his own money was not justified as the same was not prohibited under any law. Held: AO had noted the behavioural pattern of assessee in frequently withdrawing cash and then depositing cash again in the bank account irrespective of having sufficient cash with her. He, therefore, added cash deposit made by assessee under the head income from undisclosed sources. It was noted that AO nowhere in his order had brought out any material on record to show...