The Income Tax Appellate Tribunal (ITAT) Bangalore has disallowed loss of memory due to surgery and old age as reasons for not given any details of the source of cash deposit.
The Assessee Smt. AnasuyaBasi Reddy was in an appeal against multiple additions made by the revenue department under section 69 of the income tax act, 1961on unexplained investment amounting to 23 lakhs and under section 68 on an unexplained deposit. The Assessing Officer in the impugned assessment order had made the addition of Rs.50,000 as unexplained cash credits in the bank account of the assessee. The said amount has been deposited in Karnataka Bank’s saving bank account on 07.04.2007 (cash deposit).
Judicial Member George George K while partly allowing the appeal held, “Before the Assessing Officer, the assessee had stated that the assessee was unable to recollect the source of cash deposit. This was due to old age and the recent surgery she had undertaken, which had resulted into loss of memory. It was stated that the cash deposit of Rs.50,000 made by the assessee may be explained as part of past savings and other receipts. Since the assessee has not given any details with regard to the cash deposits of Rs.50,000 on 07.04.2007, I confirm this addition.”
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