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2021 (10) TMI 1193 - AT - Income TaxUnexplained deposits in bank - Withdrawal of cash from bank and re-deposit of the same into the bank account - contention of the assessee i.e. withdrawn the money for the purpose of giving advance to the landlords and since the land deal could not materialize, the amount had been re-deposited back into his bank accounts - HELD THAT:- Withdrawal of cash has been accepted by the AO. In such scenario, unless the AO is able to show that the assessee has been able to utilize this withdrawn cash for some investment/undisclosed expenses of the same/like amount, we infer that the assessee has been able to show that money re-deposited in the bank account of the withdrawn/like amount, so the assessee's contention need to be accepted without any rebutted material to suggest otherwise. DR could not rebut/controvert the cash flow statement vis-à-vis the bank statements filed - The assessee had enough money in his bank as disclosed, therefore, no addition u/s. 68 of the Act was warranted in this case and therefore, the assessee succeeds and since the assessee has been able to explain the nature and source of the deposits in the bank account which has been found adversely by the Department. Therefore, we direct the AO to delete the addition - Decided in favour of assessee.
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