Case Law Details
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 cash deposited by the assessee represents the unexplained cash credit under section 68 of the Act. The provisions of section 68 of the Act fasten the liability on the assessee to explain the source of the sum credited in the books of accounts.
The assessee in the present case has just explained the source of the cash deposited in the bank but failed to substantiate the same by documentary evidence. The onus lies on the assessee to explain the source of the cash deposited in the bank from documentary evidence which assessee failed.
FULL TEXT OF THE ITAT JUDGEMENT
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