ITAT Amritsar Deletes Rs. 4.72 Lakh Cash Deposit Addition for Senior Citizen

Balbir Kaur Vs ITO (ITAT Amritsar) The Income Tax Appellate Tribunal (ITAT) Amritsar has deleted an addition of Rs. 4.72 lakh made to the income of senior citizen Balbir Kaur for Assessment Year 2012-13. The addition stemmed from a cash deposit of Rs. 10.42 lakh in her SBI bank account, with Rs. 4.72 lakh being considered unexplained by the tax authorities. The Assessing Officer had initially made a best judgment assessment of Rs. 19.01 lakh, which the Commissioner of Income Tax (Appeals) [CIT(A)] reduced to Rs. 4.72 lakh. Before the ITAT, the assessee contended that she had an opening cash ba...