Old Withdrawals & IDS Declaration Not Valid Explanation for Cash Deposits: ITAT Raipur

Vicky Sherwani Vs ITO (ITAT Raipur) Cash Deposits Remain Unexplained – IDS Declaration & Past Withdrawals Not Accepted: ITAT Raipur Upholds Addition u/s 68 in Case of Money Lender Raipur ITAT dismissed Assessee’s appeal challenging an addition of ₹20,81,900/- made under section 68 read with section 115BBE. AO noticed large cash deposits in Assessee’s Allahabad Bank account & sought an explanation. The assessee, stated to be a money lender, claimed that the deposits were sourced from: 1. IDS Declaration of ₹10 lakh, 2. Cash income of ₹8.66 lakh for FY 2015-16, 3. Cash income...