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2022 (6) TMI 226 - AT - Income TaxUnaccounted money - Unexplained cash deposits in bank account u/s 68 - HELD THAT:- From the beginning, the assessee-appellant explanation given was that withdrawal was to pay for procurement of land but due to some reason, the deal was not finalize which cannot be denied by the AO merely on suspicion. Keeping in view all the facts and circumstances of the case and material available on record, we are of the considered view that disallowance made by the AO is not sustainable and, therefore, we set aside the impugned order passed by the Ld. CIT(A) and allow the ground raised by the assessee.
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