Court Rules Time Gap Insufficient to Reject Taxpayer's Explanation of Cash Deposits u/s 69A of Income Tax Act.

Unexplained cash deposits in bank account u/s 69A - time gap between withdrawal and deposits - mere time gap between withdrawals and deposits cannot be a sole basis for rejecting the explanation of the assessee regarding availability of cash in hand where there is no material that amount so withdrawn has been utilized somewhere else and thus supports the case of the assessee. We believe that there is no justifiable basis to hold that the explanation so furnished by the assessee cannot be accepted - AT .....

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