Accepted Closing Cash Cannot Be Treated as Unexplained Income

Srirangarao Nadipally Vs ACIT (ITAT Hyderabad) Accepted Closing Cash Cannot Be Treated as Unexplained Opening Balance — ITAT Hyderabad Grants Partial Relief, Orders Remand on Other Issues The Hyderabad Bench of the ITAT partly allowed the assessee’s appeal for AY 2016-17, holding that an opening cash balance accepted in scrutiny assessment of the earlier year cannot be treated as unexplained in the subsequent year, while remanding issues relating to agricultural income and loan from mother for fresh verification. Key findings of the Tribunal: Opening cash balance of ₹91.22 lakh deleted:...