Saving of Rs. 2.5 Lakh by 80 Year Old Assessee cannot be doubted: ITAT

M. K. Kempasiddaiah Vs ACIT (ITAT Bangalore) Since no documentary evidence was filed, the AO treated the sum of Rs.2,50,000/- was unexplained investment which the CIT(A) confirmed. It is the plea of the assessee that the assessee is a 80 years old person and his savings to the extent of Rs.2,50,000/- cannot be doubted. After considering rival submissions, I am of the view that the plea of the assessee in this regard has to be accepted. Admittedly, the fixed deposit in question was issued on 02.06.2010 and matured for payment on 02.06.2012. Considering the income returned by the assessee in the...