Section 69- Addition for cash deposited in bank after long period of withdrawal not justified

Assessing Officer (AO) noted that the assessee has withdrawn huge cash from bank account and the same amount has been deposited to the same account after lapse of substantial time. On query from the AO the assessee replied that the cash was deposited out of cash withdrawn. The AO rejected the explanation and held that the assessee has cash deposit of Rs.24,38,000/- as unexplained money and he assessee found to be the owner of the money and the assessee has not offered any acceptable and cogent explanation therefore, the AO concluded that the entire cash deposit of Rs.24,38,000/- was deemed to ...