Allowing the appeal of the assessee the Court held that ; Cash withdrawn from Bank was redeposited after seven months , addition cannot be made as cash credits . Explanation given by assessee that deposit was made out of sum withdrawn earlier was not fanciful and sham story and it was perfectly plausible.(AY. 1998-99)
Jaya Aggarwal v. ITO (2018) 254 Taxman 398 / 165 DTR 97/ 302 CTR 241 (Delhi)(HC)
S. 68 : Cash credits – Cash withdrawn from Bank was redeposited after seven months , addition cannot be made as cash credits .