Memory Loss is not valid explanation for not explaining Cash Deposit Source

Smt. Anasuya Basi Reddy Vs ITO (ITAT Bangalore)

The Assessing Officer in the impugned assessment order had made addition of Rs.50,000 as unexplained cash credits in the bank account of the assessee. The said amount has been deposited in Karnataka Bank saving bank account on 07.04.2007 (cash deposit). Before the Assessing Officer, the assessee had stated that the assessee was unable to recollect the source of cash deposit. This was due to old age and the recent surgery she had undertaken, which had resulted into loss of memory. It was st

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