https://www.taxtmi.com/caselaws?id=248493 The ITAT Mumbai partly allowed the appeal, granting relief of Rs.6,00,000/- to the assessee from the addition of Rs.26,27,000/- made under sec. 68 of the Act. The tribunal considered the opening capital balance and past income in assessing the source of funds, emphasizing the importance of providing sufficient explanations for cash deposits. The decision highlighted discrepancies in the assessee's financial history and concluded that the explanation provided was inadequate, leading to the modification of the assessment. en-us Wed, 28 May 2014 00:00:00 +0530 Sat, 14 Jun 2014 12:01:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248493 The ITAT Mumbai partly allowed the appeal, granting relief of Rs.6,00,000/- to the assessee from the addition of Rs.26,27,000/- made under sec. 68 of the Act. The tribunal considered the opening capital balance and past income in assessing the source of funds, emphasizing the importance of providing sufficient explanations for cash deposits. The decision highlighted discrepancies in the assessee's financial history and concluded that the explanation provided was inadequate, leading to the modification of the assessment. Case-Laws Income Tax Wed, 28 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248493