https://www.taxtmi.com/caselaws?id=754740 ITAT Raipur ruled on unexplained cash credits under Section 68 involving deposits in joint bank accounts. The assessee and father jointly held accounts where father was primary holder and declared interest income. ITAT found no justification for adding cash deposits or interest income to assessee's hands when already accounted by father. However, due to assessee's non-participation leading to assessment under Section 144 r.w.s. 147, matter was restored to AO for verification. Addition would be vacated if assessee's claim proves satisfactory to AO. en-us Wed, 24 Jan 2024 00:00:00 +0530 Sat, 29 Jun 2024 08:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754740 ITAT Raipur ruled on unexplained cash credits under Section 68 involving deposits in joint bank accounts. The assessee and father jointly held accounts where father was primary holder and declared interest income. ITAT found no justification for adding cash deposits or interest income to assessee's hands when already accounted by father. However, due to assessee's non-participation leading to assessment under Section 144 r.w.s. 147, matter was restored to AO for verification. Addition would be vacated if assessee's claim proves satisfactory to AO. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754740