Cash Deposits from earlier withdrawals cannot be Totally Disbelieved: ITAT allows Deduction on Cash Deposit[Read Order]

Cash - Deposits – earlier - withdrawals – Totally – Disbelieved - ITAT - Deduction – Cash – Deposit - TAXSCAN

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) held that the cash deposits from earlier withdrawals cannot be totally disbelieved, thus, the bench allowed deduction on the cash deposits. The Assessee, Hemavathi Ramesh was deriving income from the house property and other sources. The return of income was filed declaring a total income…

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