https://www.taxtmi.com/caselaws?id=207783 The court upheld the Revenue's appeal, ruling that the assessee failed to adequately prove the source of funds deposited in bank accounts totaling Rs. 60,80,000. The assessing officer added Rs. 36,80,000 under Section 68 of the Income Tax Act due to insufficient explanation from the assessee. The burden of proof in tax matters lies on the assessee, and in this case, the explanations provided were deemed unsatisfactory. The court found that the CIT (A) and Tribunal erred in deleting the addition, leading to a favorable outcome for the Revenue. en-us Fri, 02 Dec 2011 00:00:00 +0530 Sun, 25 Dec 2011 19:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207783 The court upheld the Revenue's appeal, ruling that the assessee failed to adequately prove the source of funds deposited in bank accounts totaling Rs. 60,80,000. The assessing officer added Rs. 36,80,000 under Section 68 of the Income Tax Act due to insufficient explanation from the assessee. The burden of proof in tax matters lies on the assessee, and in this case, the explanations provided were deemed unsatisfactory. The court found that the CIT (A) and Tribunal erred in deleting the addition, leading to a favorable outcome for the Revenue. Case-Laws Income Tax Fri, 02 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207783