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2023 (2) TMI 524 - AT - Income TaxUndisclosed investment u/s.69 being cash deposit during demonetization period - HELD THAT:- As in light of the cash withdrawals of Rs.15.25 lac a/w. cash in hand that would have been available with the assessee, a salaried person both out of his savings and current years income, it can safely be held that an amount of Rs.3 lac (out of cash withdrawals of Rs.6,25,000/- made by the assessee on 30.08.2014) and Rs.50,000/- (out of cash in hand available with him from his savings account and current years income) could safely be held to have been available with him for making the cash deposits by him during the year under consideration in his aforesaid bank account with Canara Bank - we scale down the addition made/sustained by the lower authorities to an amount of Rs.13,50,000/-[ Rs.17 lac (-) Rs.3.50 lac]. - Appeal of the assessee is partly allowed.
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