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Old Withdrawals & IDS Declaration Not Valid Explanation for Cash Deposits: ITAT Raipur
Case Law Details
- Case Name
- Vicky Sherwani Vs ITO (ITAT Raipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Raipur
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Vicky Sherwani Vs ITO (ITAT Raipur)
Cash Deposits Remain Unexplained – IDS Declaration & Past Withdrawals Not Accepted: ITAT Raipur Upholds Addition u/s 68 in Case of Money Lender
Raipur ITAT dismissed Assessee’s appeal challenging an addition of ₹20,81,900/- made under section 68 read with section 115BBE.
AO noticed large cash deposits in Assessee’s Allahabad Bank account & sought an explanation. The assessee, stated to be a money lender, claimed that the deposits were sourced from:
1. IDS Declaration of ₹10 lakh,
2. Cash income of ₹8.66 lakh for FY 2015-1...
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