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2023 (9) TMI 328 - ITAT SURAT
Unexplained money u/s. 69A - addition on account of cash deposits in the bank account during the demonization period - undisclosed income - HELD THAT:- AO has not refuted or discredited the evidences and documents given by assessee. AO has just brushed aside these evidences without even a word on why they are not acceptable. It is a well settled Law that when an assessee has all the possible evidences in support of its claim, they cannot be brushed aside based on surmises and guesswork.
Assessee has submitted cash book, cash flow statement and cash book, which shows that assessee has sufficient opening cash balance at the beginning of 01.04.2016. Apart from this, the assessee is a partner in M/s Shivam Polishing LLP and from the partnership firm, the assessee has received remuneration and profit - assessee has submitted the cash deposited during the demonetization and hence it is quite clear from the cash book, cash flow statement and cash withdrawal from the bank, that assessee has explained the source of cash deposit in bank account in a satisfactorily manner - addition so made is deleted. Decided in favour of assessee.