Mere time gap between withdrawals & deposits can’t be reason for alleging undisclosed income

Smt. Krishna Agarwal Vs ITO (ITAT Jodhpur)  Smt. Krishna Agarwal (Appellant) filed an appeal against Order of Ld. CIT (A), NFAC, Delhi dated July 31, 2021 pertaining to Assessment Year (AY) 2017-18. In the case, the Appellant contended that she derived income from renting of property and other income under “income from other sources” and had filed her due return. Appellant’s case was selected for limited scrutiny to verify the “Cash deposits during the year” and accordingly a Notice under Section 143(2) & 142(1) of the Income Tax Act, 1962 (ITAct) was issued by the Assessing Off...