Unexplained Cash withdrawn out of bank account - Gap between ...

Case Laws Income Tax

September 21, 2022

Unexplained Cash withdrawn out of bank account - Gap between withdrawal and deposit of the cash - The heafty amount was withdrawn 70 days ago for utilising the same for the business of her son. Unused amount was deposited in the same bank account of the assessee. The source of deposit of cash was well explained before the revenue authorities by the assessee. Therefore, AO was indeed in error in adopting a wrong fact in his order. - AT

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Unexplained Cash withdrawn out of bank account - Gap between ...

Case Laws Income Tax

September 21, 2022

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