Section 68 Addition Deleted Where Deposits Were Temporary for Student VISA & Repaid

Bhaveshbharthi Ghanshyambharthi Goswami Vs ITO (ITAT Surat) The Income Tax Appellate Tribunal, Surat, allowed the appeal filed by the assessee against the confirmation of an addition of ₹11,40,010 made under Section 68 of the Income-tax Act, 1961, for Assessment Year 2010–11. The addition arose from cash deposits made in the assessee’s savings bank account during the relevant financial year, which the Assessing Officer treated as unexplained cash credits after reopening the assessment under Section 148. The assessee, a student during the year, had not originally filed a return and later ...