Shri Krishna Chmankar v .ACIT ( 2022) The Chamber’s Journal -February – P. 182 ( Mum) ( Trib)

S. 68 : Cash credits – Cash withdrawn earlier deposited – Denomination – Addition is held to be not valid .

The assessee deposited the cash withdrawn from the bank  . The AO held that the withdrawal of cash of specific  denomination  did not match the deposit of notes of specific denomination hence added the cash deposit u/s 68 of the Act . On appeal the CIT(A) affirmed the order of the AO . On appeal the Tribunal held that the cash deposited did not exceed the cash withdrawals . There was no evidence on record to suggest that the cash withdrawn from banks was utilised for a different purpose and cash deposits after a considerable time were made  from  a different source altogether .  Addition was deleted .  Relied on ACIT v. Baldev Raj ( 2008)) 27 CCH 915 ( Delhi)( Trib), DCIT v. Ganga Singh( 2014) 41 CCH 170 ( Delhi)( Trib) , Anand Autoride Ltd v. JCIT ( 2005) 24CCH  742( Ahd)( Trib) ( ITA No. 7125 /Mum/ 2019 dt . 27 -7- 2021)