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Partial Relief on Cash Deposits – ITAT Agra Accepts Loan Recovery & Past Savings as Explained Sources
Case Law Details
- Case Name
- Akash Goyal Vs ITO (ITAT Agra)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
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Akash Goyal Vs ITO (ITAT Agra)
Assessee’s case was selected for scrutiny for verifying large cash deposits & property transactions. AO noted total credits of ₹81.36 lakh in Union Bank account, including cash deposits of ₹29.05 lakh. As Assessee failed to explain sources, AO treated the entire amount as unexplained money u/s 69A.
Before CIT(A), Assessee furnished detailed cash-flow, showing deposits sourced from opening balance, bank withdrawals, gift from father, current-year income, & repayment of small loans. During remand, AO accepted most entries except ₹8.73 lakh (opening ...
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