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Absence of thorough verification of origin of cash funds: ITAT directs re-adjudication
Case Law Details
- Case Name
- Shantabai Jasraj Lodha Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
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Shantabai Jasraj Lodha Vs ITO (ITAT Pune)
Shantabai Jasraj Lodha’s appeal challenges the National Faceless Appeal Centre’s order regarding additions to her income. Examining the dispute over a cash deposit of Rs. 20,00,000 during demonetization, the appeal contests the CIT(A)-NFAC’s affirmation of the Assessing Officer’s decision.
The crux of the appeal revolves around the source of the cash deposit and its intended purpose. While the appellant asserts the funds originated from withdrawals meant for property acquisition, authorities argue the lack of substantiating evid...
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