Mere Time gap between Withdrawals and Deposits can’t be a Sole basis for Suspecting Genuineness of Cash-in-Hand: ITAT deletes Addition [Read Order]
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The Jodhpur Bench of Income Tax Appellate Tribunal (ITAT) while deleting the addition ruled that mere time gap between Withdrawals and Deposits cannot be a sole basis for suspecting genuineness of Cash-in-hand. The AO alleged that the assessee, Krishna Agarwal had already made the investment in property amounting to Rs. 1,27,20,200/- out of cash withdrawals […] http://dlvr.it/S7pTJ7
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