ITAT directs AO to delete addition as lower authorities fail to rebut assessee’s explanation on Term Deposit Maturity and Redemption [Read Order]

Lower authorities had not rebutted the assessee’s explanation regarding the term deposit maturity and its subsequent redemption

By Aiswarya Krishnadas - On September 5, 2024 10:55 am - 2 mins read

ITAT - ITAT Delhi - Income Tax - Deposit Maturity - Redemption - Income Tax Appellate Tribunal - bank statements - taxscan

The two member bench of the Income Tax Appellate Tribunal ( ITAT ) in Delhi has directed the Assessing Officer to remove the addition, as the lower authorities failed to counter the assessee’s explanation regarding the maturity and redemption of term deposits. The bank statements showed sufficient cash withdrawals to account for the deposits. The…

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