𝐉𝐨𝐢𝐧𝐭 𝐁𝐚𝐧𝐤 𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐰𝐢𝐭𝐡 𝐅𝐚𝐭𝐡𝐞𝐫: 𝐍𝐨 𝐄𝐱𝐭𝐫𝐚 𝐓𝐚𝐱 𝐨𝐧 𝐂𝐚𝐬𝐡 𝐃𝐞𝐩𝐨𝐬𝐢𝐭𝐬 𝐚𝐬 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐃𝐞𝐜𝐥𝐚𝐫𝐞𝐝 𝐢𝐧 𝐈𝐓𝐑 - 𝐈𝐓𝐀𝐓 𝐑𝐚𝐢𝐩𝐮𝐫

In the case of Alok Keswani vs. Income-tax Officer, the Raipur-ITAT examined the assessment of cash deposits made in a joint bank account for the assessment year 2011-12.

The assessee had not filed a return of income and failed to comply with a notice under section 148. As a result, the Assessing Officer added the entire amount of cash deposits in the bank account as unexplained cash credits under section 68.

However, it was noted that the savings bank account was a joint account held in the name of the assessee and his father, and the assessee had provided documents showing that the bank account and the interest income were accounted for and offered for tax in the hands of the primary account holder, the assessee's father.

The court found that in the absence of any material proving to the contrary, there was no justification for the Assessing Officer to have made the addition of cash deposits as unexplained cash credits under section 68 in the hands of the assessee.

Additionally, since the assessee had not participated in the assessment proceedings, the matter was restored to the file of the Assessing Officer for the limited purpose of verifying the correctness of the assessee's claim.

The judgement was made on 24-01-2024 by the Raipur - ITAT.