Failure to show Documentary Evidences on Source of Rs. 96L Cash Deposit: ITAT directs to submit relevant Financials, ITR and Bank Statements before AO

The Income Tax Appellate Tribunal (ITAT) directed a taxpayer to submit relevant financial documents, including income tax returns (ITR) and bank statements, to the Assessing Officer (AO) to verify the source of a Rs. 96 lakh cash deposit. The AO had made an addition under Section 68 of the Income Tax Act, citing the taxpayer’s failure to provide documentary evidence for the cash deposit. The ITAT held that the taxpayer must furnish the necessary documents to substantiate the source of the funds. This ruling emphasizes the importance of maintaining proper financial records and providing adequate evidence to support financial transactions. It also highlights the role of the ITAT in ensuring that assessments are based on verified and credible information.