#agricultural income

ITAT Surat holds that cash withdrawals from disclosed bank accounts cannot be treated as unexplained money under Section 69A of the Income Tax Act unless there is evidence linking such withdrawals to undisclosed income. The ruling underscores that mere cash withdrawals, without proof of unaccounted sources, do not justify tax additions, reinforcing the need for concrete evidence in best judgment assessments.

ITAT Panaji upholds the rejection of books under Section 145(3) of the Income Tax Act due to non-production of vouchers and audit records, affirming additions for unexplained cash deposits and underreported business profits. The ruling reinforces that failure to substantiate claims with documentary evidence empowers tax authorities to make best judgment assessments, impacting traders and businesses with inadequate record-keeping.