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Cash Deposit Taxed Because Personal Explanation Was Unsubstantiated
Case Law Details
- Case Name
- Tapas Kundu Vs ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-2018
- Courts
- All ITAT, ITAT Kolkata
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Tapas Kundu Vs ITO (ITAT Kolkata)
Old Cash Withdrawals Can’t Explain Demonetisation Deposits: Section 69A Addition Sustained
Assessee deposited cash of Rs.39.22 lakh during demonetisation period & explained source as past cash withdrawals from salary bank account made during FYs 2014-15 to 2016-17, contending that due to matrimonial dispute & legal advice, salary was withdrawn & kept as cash at home. AO accepted withdrawals only to limited extent, estimated personal expenditure & treated balance cash deposit of Rs.32.68 lakh as unexplained money u/s 69A, taxa...
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