The ITAT Bangalore addressed unexplained cash deposits u/s 69A, ...

Unexplained cash deposits u/s 69A: Additions deleted considering the Credibility of withdrawals for redeposits, Fund flow analysis, Cash availability presumption.

Case Laws Income Tax

May 31, 2024

The ITAT Bangalore addressed unexplained cash deposits u/s 69A, focusing on the credibility of earlier withdrawals as a source for redeposits. The Tribunal examined fund flow and cash flow statements, presuming cash availability for redeposit. The assessee deposited sums during demonetization, providing bank account details, rent agreements, and rental income confirmation. The assessee explained using earlier withdrawals and tenant payments for redeposits, supported by the case of S.R. Venkataratnam. The Tribunal ruled in favor of the assessee, allowing credit for cash withdrawals and rental income towards bank deposits, deleting the addition for unexplained cash deposits during demonetization.

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The ITAT Bangalore addressed unexplained cash deposits u/s 69A, ...

Unexplained cash deposits u/s 69A: Additions deleted considering the Credibility of withdrawals for redeposits, Fund flow analysis, Cash availability presumption.

Case Laws Income Tax

May 31, 2024

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