#fixed deposit

ITAT Ahmedabad deleted a Rs. 52 lakh addition under Section 69A after the assessee proved the cash originated from pre-closed joint fixed deposits, ruling that mere bank transaction records cannot trigger income attribution without independent verification of fund origin. This sets a critical precedent for faceless assessments where bulk cash deposits are challenged without corroborating evidence of undisclosed income.

The Supreme Court clarifies that a corporate entity depositing surplus funds in a bank for interest does not lose its status as a consumer under the Consumer Protection Act, 1986. This ruling shields businesses from being excluded from consumer forums merely for earning passive income, and affirms that fraud in banking transactions must be pursued in civil or criminal courts - not consumer tribunals.

Kerala High Court holds that disputed facts regarding unclaimed fixed deposits require civil suit; writ jurisdiction under Article 226 cannot substitute trial court proceedings.