https://www.taxtmi.com/caselaws?id=773628 ITAT Cuttack held that bank and Post Office deposits cannot be added to assessable income under Section 144 assessment where assessee failed to file return. Court found all deposits were reflected in balance sheet as assets with corresponding interest income included in total income computation. Since computed total income remained below taxable threshold, no addition was warranted. Matter remanded to Assessing Officer to verify deposits' inclusion in balance sheet. If verified, no addition required as income below exemption limit. Appeal partly allowed for statistical purposes. en-us Wed, 04 Dec 2024 00:00:00 +0530 Thu, 26 Jun 2025 08:35:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773628 ITAT Cuttack held that bank and Post Office deposits cannot be added to assessable income under Section 144 assessment where assessee failed to file return. Court found all deposits were reflected in balance sheet as assets with corresponding interest income included in total income computation. Since computed total income remained below taxable threshold, no addition was warranted. Matter remanded to Assessing Officer to verify deposits' inclusion in balance sheet. If verified, no addition required as income below exemption limit. Appeal partly allowed for statistical purposes. Case-Laws Income Tax Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773628