https://www.taxtmi.com/caselaws?id=329472 The High Court upheld the Tribunal's decision to confirm additions of unexplained cash credit and unaccounted income from undisclosed sources. The Court found the assessee's explanations lacking credibility and evidence, leading to the dismissal of the tax appeal. The Tribunal's treatment of entire bank deposits as income was supported, and the rejection of the plea to tax peak credit of bank accounts was affirmed due to insufficient evidence. The Court emphasized the importance of genuine and creditworthy explanations in such cases, ultimately siding with the lower authorities' decisions. en-us Tue, 28 Jun 2016 00:00:00 +0530 Tue, 05 Jul 2016 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329472 The High Court upheld the Tribunal's decision to confirm additions of unexplained cash credit and unaccounted income from undisclosed sources. The Court found the assessee's explanations lacking credibility and evidence, leading to the dismissal of the tax appeal. The Tribunal's treatment of entire bank deposits as income was supported, and the rejection of the plea to tax peak credit of bank accounts was affirmed due to insufficient evidence. The Court emphasized the importance of genuine and creditworthy explanations in such cases, ultimately siding with the lower authorities' decisions. Case-Laws Income Tax Tue, 28 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329472