Revenue Must Prove Cash Withdrawals Were Spent – No 60% Tax for AY 2017-18

Surya Kant Gupta Vs ITO (ITAT Delhi) Revenue Must Prove Cash Withdrawals Were Spent – ITAT Follows Karnataka HC; No 60% Tax for AY 2017-18: Tribunal Applies Madras HC Ruling on 115BBE Background Assessee: Late Shri Ram Babu Gupta (represented by legal heir Shri Surya Kant Gupta), retired Govt. employee. Return: Filed 07.03.2018 declaring income of ₹2.67 lakh. Scrutiny: Limited scrutiny to verify cash deposits. AO’s Assessment (u/s 144, 31.03.2016): Noticed cash deposits of ₹10.89 lakh in Canara Bank. Assessee later filed revised return (11.02.2019) declaring ₹3.19 lakh, including p...