https://www.taxtmi.com/caselaws?id=256497 The ITAT upheld the AO's assessment of deposits in bank accounts under section 68 of the Income Tax Act, 1961, treating peak cash balance as unaccounted income. They differentiated between round and odd figure deposits, accepting explanations for round figure deposits but not for odd figure ones. The ITAT directed the AO to verify calculations and allowed set off for certain deposits, sustaining unexplained amounts. Additionally, the ITAT affirmed the CIT(A)'s decision on share transactions, recognizing specific amounts as short-term capital gains and emphasizing the importance of substantiating income sources to avoid tax implications. en-us Thu, 28 Aug 2014 00:00:00 +0530 Sat, 14 Feb 2015 11:35:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256497 The ITAT upheld the AO's assessment of deposits in bank accounts under section 68 of the Income Tax Act, 1961, treating peak cash balance as unaccounted income. They differentiated between round and odd figure deposits, accepting explanations for round figure deposits but not for odd figure ones. The ITAT directed the AO to verify calculations and allowed set off for certain deposits, sustaining unexplained amounts. Additionally, the ITAT affirmed the CIT(A)'s decision on share transactions, recognizing specific amounts as short-term capital gains and emphasizing the importance of substantiating income sources to avoid tax implications. Case-Laws Income Tax Thu, 28 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256497