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2018 (12) TMI 580 - AT - Income TaxUnexplained investment u/s 69A - Cash deposits in the Bank account - Held that:- Cash deposits in the Bank account cannot be automatically construed to be income exigible to the tax from undisclosed sources or u/s 69A of the Act. The facts and circumstances on record, from an appraisal of the assessee’s ICICI Bank account in the case on hand, indicate that the said cash deposits of ₹ 15 lakhs apparently are made out of cash withdrawals of ₹ 29,94,500/- during the year under consideration, and re-deposited in the Bank account depending on the exigencies of assessee’s business. Before us, Revenue was not able to controvert this argument/contention of the assessee and therefore, of the view that in this factual matrix of the case, the addition of cash deposits of ₹ 11,87,500/- made by the AO as income from undisclosed sources and upheld by the CIT(A) as unexplained investment u/s 69A of the Act is factually unsustainable and therefore delete the same - Decided in favour of assessee.
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