Cash Deposited by 77-year-old Assessee looking to Saving for Old Age holding cannot be added u/s 68 of Income Tax Act: ITAT [Read Order]
The court viewed that the assessee has deposited cash into her bank account for an amount of Rs. 11,00,000/- cannot be added as unexplained income under section 68 of the Act for the year under consideration and directed to delete the addition made in hands of the assessee
The Jodhpur Bench of the Income Tax Appellate Tribunal(ITAT) has held that cash deposited by a 77-year-old age assessee looking to save for old age holding cannot be added under section 68 of the Income Tax Act, 1961. Aayodhya Jajra, the appellant e filed the return of income for the assessment year in ITR-1 declaring…
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