Once Cash Withdrawals are Proven, Burden Shifts to Income Tax Dept to Disprove their Use for Deposits: ITAT [Read Order]
Considering that revenue lacked evidence to prove deposits were not withdrawals, ITAT partially deletes addition
By Kavi Priya - On October 22, 2024 10:38 am - 2 mins read
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that once cash withdrawals were proven, the burden shifts to the Income Tax Department to Disprove these funds were not available for deposits. Rajendra Gadhia, the assessee is an NRI settled in the USA and filed his income tax return for the assessment…
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