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    Income Tax

    Addition u/s 69A - unexplained cash deposits in the bank account...

    Tribunal Rules in Favor of Appellant: Unexplained Cash Deposits Proven Legitimate, Assessment Officer's Decision Overturned.

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    Income TaxMarch 27, 2024Case LawsAT

    Addition u/s 69A - unexplained cash deposits in the bank account - onus to prove - The Tribunal noted that the appellant had provided evidence to support the source of cash deposits, demonstrating legitimate cash withdrawals preceding the deposits. It concluded that the Assessing Officer had not presented any adverse material to refute the appellant's claims. Therefore, the Tribunal directed the AO to delete the impugned addition under section 69A.

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