Section 68 Unexplained Bank Deposit Additions: ITAT Orders Reassessment

Sardar Jabasingh Vs ITO (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT) in Chennai heard the case of Sardar Jabasingh vs. Income Tax Officer (ITO) concerning unexplained cash deposits totaling Rs. 1,03,23,100 in his bank accounts for the 2016-17 assessment year. The case was initiated due to a discrepancy in reported income and significant cash deposits in Jabasingh’s accounts. He initially claimed the funds were business-related under Section 44AD, reporting limited income; however, he later asserted that the funds were collected from parish members for supposed housing projects...