https://www.taxtmi.com/caselaws?id=251066 The High Court overturned the Tribunal's decision and upheld the Assessing Officer and Commissioner of Income Tax (Appeals)'s findings that the cash deposits of Rs. 45,85,861/- should be treated as unexplained income under Section 69A of the Income Tax Act. The Court emphasized that the burden of proof lies with the assessee to substantiate claims, particularly regarding business receipts, and that the Tribunal erred in shifting this burden onto the Revenue. The decision highlights the importance of providing concrete evidence to support claims of income sources. en-us Tue, 15 Jul 2014 00:00:00 +0530 Wed, 03 Sep 2014 09:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251066 The High Court overturned the Tribunal's decision and upheld the Assessing Officer and Commissioner of Income Tax (Appeals)'s findings that the cash deposits of Rs. 45,85,861/- should be treated as unexplained income under Section 69A of the Income Tax Act. The Court emphasized that the burden of proof lies with the assessee to substantiate claims, particularly regarding business receipts, and that the Tribunal erred in shifting this burden onto the Revenue. The decision highlights the importance of providing concrete evidence to support claims of income sources. Case-Laws Income Tax Tue, 15 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251066