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2022 (5) TMI 733 - AT - Income TaxUnexplained Investment u/s 69 as taxed u/s 115BBE - cash withdrawal from City Union Bank account is more than amount of cash deposited in the very same bank account - time gap of more than 3 to 5 days between cash withdrawal and cash deposits - evidence to prove that cash withdrawal has been used for some other purposes - HELD THAT:- Once the AO never disputed fact that cash withdrawal from bank account is higher than amount of cash deposited into bank account, then the A.O. ought not to have made additions towards cash deposits into bank account only for the reason that there is time gap of more than 3 to 5 days between cash withdrawal and cash deposits from very same bank account. It was not the case of the AO that cash withdrawal from bank account on earlier occasion had been spent by the assessee or used for some other purposes. In absence of any finding contrary to explanation of the assessee that cash deposits into bank account is out of withdrawal from earlier occasion cannot be disregarded. CIT(A), without appreciating above facts has simply confirmed additions made by the Assessing Officer. Hence, we reverse findings of the learned CIT(A) and direct the Assessing Officer to delete additions made towards cash deposits into City Union Bank account u/s.69 - Decided in favour of assessee.
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