Entire Bank Deposits Cannot Be Taxed as Income – ITAT Restricts Addition to 2% in Renukamata Society Cases

Jaydev Mahadev Arya Vs ITO (ITAT Pune) Entire Bank Deposits Cannot Be Taxed as Income – ITAT Restricts Addition to 2% in Renukamata Society Cases In a significant ruling involving the controversial Renuka Mata Multi State Urban Co-operative Credit Society, the Pune ITAT held that entire deposits in bank accounts cannot automatically be treated as unexplained income, especially when the assessee appears to be merely a conduit or commission agent in a larger accommodation entry network. The assessee, engaged in agricultural commission business, faced huge additions across three assessment ...