https://www.taxtmi.com/caselaws?id=253447 The ITAT Hyderabad allowed the assessee's appeal, overturning the decision to treat cash deposits in bank accounts as unexplained income. The ITAT found the transactions to be genuine, supported by detailed evidence including credit card statements and agreements with a friend. The ITAT disagreed with the lower authorities' conclusion, stating that the evidence presented by the assessee sufficiently proved the legitimacy of the transactions. As a result, the addition of Rs. 27,82,060 as unexplained income was deleted. en-us Wed, 05 Nov 2014 00:00:00 +0530 Tue, 25 Nov 2014 07:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253447 The ITAT Hyderabad allowed the assessee's appeal, overturning the decision to treat cash deposits in bank accounts as unexplained income. The ITAT found the transactions to be genuine, supported by detailed evidence including credit card statements and agreements with a friend. The ITAT disagreed with the lower authorities' conclusion, stating that the evidence presented by the assessee sufficiently proved the legitimacy of the transactions. As a result, the addition of Rs. 27,82,060 as unexplained income was deleted. Case-Laws Income Tax Wed, 05 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253447