Mr Ram Singh, a senior citizen, received an income tax notice for an alleged unexplained cash deposit of Rs 65.27 lakh in his savings account at Punjab National Bank (PNB)’s Tapukara branch. The Income Tax Assessing Officer from Alwar treated the amount as unexplained, as he did not know that Ram Singh got a pension and some interest income from his fixed deposits (FDs).
Moreover, Ram Singh, for his part, just submitted his bank passbook to the tax officer and told him about his pension and FDs. So, the AO did not believe him.
