The assessee, a septuagenarian gynecologist with no business ...

Tribunal Accepts Doctor's Claim of Savings as Source of Rs. 10 Lakh Deposit During Demonetization, No Tax Penalty Levied.

July 11, 2024

Case Laws Income Tax AT

The assessee, a septuagenarian gynecologist with no business income during the year, made cash deposits totaling Rs. 10 lakh in her bank account during demonetization. The explanation provided was that the deposits were sourced from past accumulated cash savings kept in her bank locker, corroborated by her operating the locker on the deposit date, and cash withdrawals from her accounts during the year. The Tribunal found substance in her claim, considering her past income, regular tax filings, age, and lack of evidence suggesting unexplained money. The cash withdrawals were not conclusively proved to have been utilized, lending credibility to her claim of depositing part of the withdrawn cash. Consequently, no adverse inference could be drawn regarding the cash deposits made during demonetization.

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The assessee, a septuagenarian gynecologist with no business ...

Tribunal Accepts Doctor's Claim of Savings as Source of Rs. 10 Lakh Deposit During Demonetization, No Tax Penalty Levied.

July 11, 2024

Case Laws Income Tax AT

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