Withdrawn Cash Presumed Available for Deposits in absence of Evidence of Other Use

Sudhirbhai Pravinkant Thaker Vs ITO (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, on September 21, 2015, delivered a ruling in favor of assessee Sudhirbhai Pravinkant Thaker, setting aside an addition of Rs. 10,44,800 made by the Assessing Officer (AO) and partially confirmed by the Commissioner of Income Tax (Appeals) [CIT(A)]. The dispute centered on cash deposits made into the assessee’s savings bank account, which the tax authorities deemed income from undisclosed sources for the Assessment Year 2008-09. Case Background The assessee’s case was selected for...