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HomeDirect TaxCash Withdrawals from Disclosed Bank Accounts Can’t Be Treated as Unexplained Money...

Cash Withdrawals from Disclosed Bank Accounts Can’t Be Treated as Unexplained Money Without Adverse Evidence: ITAT

Direct Tax

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By Mariya Paliwala
Cash Withdrawals from Disclosed Bank Accounts Can’t Be Treated as Unexplained Money Without Adverse Evidence: ITAT

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The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed a batch of appeals filed by the Revenue and upheld the deletion of a massive addition of over ₹35.87 crore made under Section 69A of the Income-tax Act, 1961, holding that cash withdrawals from disclosed bank accounts cannot be treated as unexplained money…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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