https://www.taxtmi.com/caselaws?id=332493 The ITAT upheld the addition of cash deposits in bank accounts as profit from unaccounted business, finding the appellant failed to provide evidence supporting the claim. The ITAT dismissed the appeal regarding alleged unaccounted household expenses due to lack of substantial evidence. However, the ITAT allowed the appeal in part, directing the AO to consider only the peak credit in the bank account for taxation. The decision emphasized the importance of evidence in tax assessments and the burden of proof on the appellant, highlighting the application of legal principles in determining additions based on peak credits in bank accounts. en-us Wed, 10 Aug 2016 00:00:00 +0530 Mon, 19 Sep 2016 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332493 The ITAT upheld the addition of cash deposits in bank accounts as profit from unaccounted business, finding the appellant failed to provide evidence supporting the claim. The ITAT dismissed the appeal regarding alleged unaccounted household expenses due to lack of substantial evidence. However, the ITAT allowed the appeal in part, directing the AO to consider only the peak credit in the bank account for taxation. The decision emphasized the importance of evidence in tax assessments and the burden of proof on the appellant, highlighting the application of legal principles in determining additions based on peak credits in bank accounts. Case-Laws Income Tax Wed, 10 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332493