Cash Deposits from Joint Bank Account Assessed to Primary Holder, Case Remanded for Verification

Alok Keswani Vs ITO (ITAT Raipur)  In a case concerning unexplained cash deposits, the Income Tax Appellate Tribunal (ITAT), Raipur Bench, has partially allowed an appeal by Alok Keswani, directing the Assessing Officer (AO) to re-examine the addition made under Section 68 of the Income-tax Act, 1961. The case, Alok Keswani Vs ITO, for the assessment year 2011-12, centered on cash aggregating to Rs. 13,45,800 deposited in two savings bank accounts. The genesis of the dispute lies in the assessee’s failure to file a return of income despite significant cash deposits in his bank accounts....