Unexplained Cash Balance Upheld as Income Due to Lack of Proof of Gift Source

BatHina Srilakshmi Vs ITO (Andhra Pradesh High Court) The Andhra Pradesh High Court considered an appeal filed against the order of the Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, relating to the assessment year 2014–15. The appellant had originally filed a return declaring an income of Rs.2,48,490. During assessment proceedings, the Assessing Officer observed that the appellant had a cash balance of Rs.2,01,83,834 as on 01.03.2014 but had made cash payments exceeding the available amount. This resulted in a negative cash balance of Rs.1,82,34,150 as on 26.03.2014. The Assessing O...