Source of cash deposited in Bank should be properly disclosed
Last updated: 13 September 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
Briefly stated the facts of the case are that the assessee filed his return declaring an income of Rs. 1,82,480 for AY 2005-06. Subsequently, the case was selected for scrutiny through CASS and a notice u/s 143(2) of the Income Tax Act, 1961 dated 11.7.2006 was served on the assessee. The Assessing Officer noted that during the year under consideration, the assessee deposited cash in SB account amounting to Rs.19,00,108/- on various dates. The Assessing Officer asked the assessee to explain the source of the cash deposits with supporting evidence and the assessee failed to submit the same. Accordingly, the Assessing Officer added the cash deposited to the returned income of the assessee u/s 68 of the Act.
Citation :
Income Tax officer, Ward 31(1), C. R. Building, New Delhi. (Appellant) Vs. Smt. Maheep Manjit Singh, 28-A, Prithvi Raj Road, New Delhi. (PAN No. APMPS1355P) (Respondent)
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CS Bijoy
Published in Income Tax
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