{"id":18861,"date":"2021-06-02T11:18:31","date_gmt":"2021-06-02T05:48:31","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=18861"},"modified":"2021-06-03T19:37:26","modified_gmt":"2021-06-03T14:07:26","slug":"cash-deposited-in-bank-account-and-funds-transferred-to-another-account-whether-cash-deposit-can-be-treated-as-unexplained-credit","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/cash-deposited-in-bank-account-and-funds-transferred-to-another-account-whether-cash-deposit-can-be-treated-as-unexplained-credit\/","title":{"rendered":"Cash deposited in bank account and funds transferred to another account. Whether cash deposit can be treated as unexplained credit?"},"content":{"rendered":"<p>Assessee fell in a trap in one arrangement where one person gave him cash which the assessee deposited in his bank account. And on the same day of cash deposit the funds were transferred back through NEFT to that person\u2019s bank account.<\/p>\n<p>Now the ITO wants to treat cash deposit as unexplained credit. That person is now co-operating and not giving his confirmation that he had instructed assessee to do so. Assessee has given affidavit that the cash which was deposited belongs to that one and also the assessee has transferred the funds back to his account.<\/p>\n<p>No other document is available with assessee to prove that he is genuine and cash does not belong to him.<\/p>\n<p>What grounds is available to assessee to prove his stand and delete the addition ?<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[139],"qa_category":[23],"qa_tag":[147,226,218],"class_list":["post-18861","qa","type-qa","status-publish","hentry","qa_expert-research-team","qa_category-income-tax","qa_tag-cash-credits","qa_tag-cash-deposits","qa_tag-unexplained-cash-credit"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/18861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=18861"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=18861"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=18861"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=18861"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=18861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}