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2022 (8) TMI 1406 - AT - Income TaxUnexplained money deposited in bank account u/s 69A - source of cash deposited in the loan account unexplained - plea of the assessee that earlier cash withdrawals from the two bank accounts are the source of funds for the cash deposit made in the bank account during the previous year - HELD THAT:- As in the case of Smt. P. Padmavathy [2010 (10) TMI 1154 - KARNATAKA HIGH COURT] clearly laid down that earlier withdrawals of cash from Bank account have to be accepted as available to an assessee to explain a later deposit as source. It was not open to the Revenue to contend that the assessee has to explain as to how the cash withdrawn earlier was utilized by an assessee and was still available with the assessee. The decisions cited by the learned DR are contrary to the law laid down by the Hon’ble Karnataka High Court [2010 (10) TMI 1154 - KARNATAKA HIGH COURT] and therefore not binding. Therefore, hold the past withdrawals as claimed by the assessee from 2013 should be considered as being available to the assessee to explain the source of deposit. A reasonable quantum of cash available out of past savings should also be considered as being available to the assessee to explain the source of cash deposited in the bank account. Appeal of the assessee is allowed for statistical purpose.
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