Past Savings Accepted: Small Cash Introduction Cannot Be Treated as Unexplained

Jignesh Manojkumar Shah Vs ITO (ITAT Mumbai) Past Savings Accepted: Small Cash Introduction Cannot Be Treated as Unexplained The AO made an addition of ₹3.80 lakh u/s 68 treating cash introduced into capital account as unexplained, despite the assessee explaining it as coming from past savings and loans. The ITAT noted that: The assessee had sufficient past income and cash availability reflected in earlier balance sheet, He had been earning income for over two decades, and The amount involved was relatively small compared to declared income (₹1.38 crore). The Tribunal held that in such c...