Absence of thorough verification of origin of cash funds: ITAT directs re-adjudication

Shantabai Jasraj Lodha Vs ITO (ITAT Pune) Shantabai Jasraj Lodha’s appeal challenges the National Faceless Appeal Centre’s order regarding additions to her income. Examining the dispute over a cash deposit of Rs. 20,00,000 during demonetization, the appeal contests the CIT(A)-NFAC’s affirmation of the Assessing Officer’s decision. The crux of the appeal revolves around the source of the cash deposit and its intended purpose. While the appellant asserts the funds originated from withdrawals meant for property acquisition, authorities argue the lack of substantiating evid...