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Addition for Cash deposit in Bank explained without supporting documents justified
Case Law Details
- Case Name
- Amit Subhaschandra Acharya Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Ahmedabad
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Amit Subhaschandra Acharya Vs ITO (ITAT Ahmedabad)
The issue in the instant case relates to the cash deposited by the assessee amounting to Rs. 4,40,000/- in his saving bank account. The assessee claimed that the cash was deposited out of his past savings, salary income and out of the income of his wife. But the assessee failed to substantiate his arguments by documentary evidence. Therefore, the AO treated the cash deposit as unexplained cash credit under section 68 of the Act. The view taken by the AO was subsequently confirmed by the learned CIT (A).
Now the controversy arises whether the c...
