Unexplained ₹49.50 Lakh Cash Deposit: ITAT Sends Case back to AO for Verification

The ITAT ruled that unexplained cash deposits cannot automatically be treated as income under sections 68 or 69A. The case involved a taxpayer who made cash deposits that the authorities scrutinized. The Tribunal sent the case back to the assessing officer (AO) for further verification. This ruling emphasizes that unexplained deposits do not automatically warrant tax assessments as unexplained income. It also highlights the need for the AO to conduct a thorough investigation and provide the taxpayer with an opportunity to explain before making final decisions.