https://www.taxtmi.com/caselaws?id=241536 The High Court upheld the Tribunal's decision in favor of the assessee regarding unexplained cash deposits in a bank account under Section 68 of the Income Tax Act, 1961. The Tribunal ruled that the assessee had not proven the source of the deposits, applying Section 69 and precedent to delete the addition as income. The High Court agreed, finding no error in the Tribunal's decision and dismissing the income tax appeal, as the assessee lacked a legitimate income source and did not utilize the funds, affirming the Tribunal's decision. en-us Mon, 30 Jul 2012 00:00:00 +0530 Thu, 26 Dec 2013 07:49:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241536 The High Court upheld the Tribunal's decision in favor of the assessee regarding unexplained cash deposits in a bank account under Section 68 of the Income Tax Act, 1961. The Tribunal ruled that the assessee had not proven the source of the deposits, applying Section 69 and precedent to delete the addition as income. The High Court agreed, finding no error in the Tribunal's decision and dismissing the income tax appeal, as the assessee lacked a legitimate income source and did not utilize the funds, affirming the Tribunal's decision. Case-Laws Income Tax Mon, 30 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241536