Section 69A Addition unsustainable as cash withdrawn was more than deposits due to demonetization

Ajit Bapu Satam Vs DCIT (ITAT Mumbai)

Held that cash withdrawn by the assessee from the bank was much more than the amount deposited due to demonetization. Further, there is no findings by the authorities that this cash available with the assessee was invested or utilised for any other purpose. Hence, addition u/s 69A unsustainable

Facts- Assessee made cash deposits of Rs. 20 Lakhs in his bank account during the demonetization period. AO treated the said cash deposits as u

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