https://www.taxtmi.com/caselaws?id=338213 The court upheld the addition of unexplained cash deposits in the assessee's bank account, confirming discrepancies in explanations provided. The Commissioner of Income Tax (Appeals) rejected the assessee's justifications, emphasizing the lack of clarity on the source of deposited amounts. Specific concerns regarding cash withdrawals and cheque details led to the affirmation of the addition under section 68 of the Income Tax Act. However, the court ruled against the addition based on the opening cash balance from a previous year, deeming it unjustified for the current assessment year. The judgment partially favored the assessee, directing further verification and deleting the addition related to the opening balance. en-us Thu, 01 Dec 2016 00:00:00 +0530 Sat, 28 Jan 2017 09:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338213 The court upheld the addition of unexplained cash deposits in the assessee's bank account, confirming discrepancies in explanations provided. The Commissioner of Income Tax (Appeals) rejected the assessee's justifications, emphasizing the lack of clarity on the source of deposited amounts. Specific concerns regarding cash withdrawals and cheque details led to the affirmation of the addition under section 68 of the Income Tax Act. However, the court ruled against the addition based on the opening cash balance from a previous year, deeming it unjustified for the current assessment year. The judgment partially favored the assessee, directing further verification and deleting the addition related to the opening balance. Case-Laws Income Tax Thu, 01 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338213