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Cash Deposits from Joint Bank Account Assessed to Primary Holder, Case Remanded for Verification
Case Law Details
- Case Name
- Alok Keswani Vs ITO (ITAT Raipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Raipur
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Alok Keswani Vs ITO (ITAT Raipur)
In a case concerning unexplained cash deposits, the Income Tax Appellate Tribunal (ITAT), Raipur Bench, has partially allowed an appeal by Alok Keswani, directing the Assessing Officer (AO) to re-examine the addition made under Section 68 of the Income-tax Act, 1961. The case, Alok Keswani Vs ITO, for the assessment year 2011-12, centered on cash aggregating to Rs. 13,45,800 deposited in two savings bank accounts.
The genesis of the dispute lies in the assessee’s failure to file a return of income despite significant cash deposits in his bank accounts....
