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2022 (11) TMI 1245 - AT - Income TaxUnexplained cash deposits u/s 69A - assessee has made cash deposits into bank account during demonetization period - HELD THAT:- The source of cash deposits have been explained from the withdrawals made by him from his capital account from partnership firm. Assessee had opening balance of Rs. 21,81,141/- and then further withdrawals of Rs. 3,57,920/-. Thus, there was clear cut cash available in the books amounting to Rs. more than 21,41,000/- which was deposited in the bank account. Thus, It cannot be held that the source of cash deposits remain unexplained and accordingly the addition as sustained by Ld. CIT(A) is deleted. Appeal of the Assessee is Allowed.
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