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Can AO made the addition ignoring the claim of the assessee that the cash withdrawn from the bank was available with the assessee for the deposit in the bank account? Section 69A
ITAT Ahmedabad Pronounced on 08/09/2023 that None of the authorities below has pointed out that the cash withdrawn from the bank has been utilized by the assessee for any other purpose. In the absence of such finding, an inference can be drawn that the cash withdrawn from the bank was available with the assessee for the deposit in the bank account. Accordingly, we are of the view that the cash deposited by the assessee in the bank account cannot be treated as unexplained/undisclosed income of the assessee. Thus, we set aside the finding of learned CIT(A) and direct the AO to delete the addition made by him.
IN THE INCOME TAX APPELLATE TRIBUNAL,
‘’ B’’ BENCH, AHMEDABAD
BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER And
SHRI T.R SENTHIL KUMAR, JUDICIAL MEMBER ITA No. 2180/AHD/2018
Asstt. Year: 2010-2011
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