ITAT Upholds Unexplained Cash Deposit Addition for Taxpayer’s Failure to discharge Burden of Proof

Bansi Lal Vs ITO (ITAT Jaipur) Income Tax Appellate Tribunal (ITAT) Jaipur dismissed the appeal of Bansi Lal, upholding the order of the Commissioner of Income Tax (Appeals) [CIT(A)] and the original assessment order related to the assessment year 2007-08. The case involved additions to Bansi Lal’s income due to unexplained deposits in his bank account and interest earned but not declared. Bansi Lal’s appeal challenged the CIT(A)’s decision, which had confirmed two additions made by the Assessing Officer (AO). The first addition pertained to Rs. 8,70,000, Rs. 8,13,000 and Rs....