https://www.taxtmi.com/caselaws?id=342276 The Tribunal allowed the appeal, ruling in favor of the assessee, directing the deletion of the addition of Rs. 17,80,000 to the income. The Tribunal emphasized that the assessee had sufficiently proven the source of the bank deposit, highlighting that further inquiry into the source of the creditor's funds was unwarranted once the depositor confirmed the advance. The Tribunal held that the rejection of the explanation based on the creditor's source of funds was erroneous, following legal precedents and supporting the assessee's position. en-us Thu, 27 Apr 2017 00:00:00 +0530 Mon, 01 May 2017 08:53:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342276 The Tribunal allowed the appeal, ruling in favor of the assessee, directing the deletion of the addition of Rs. 17,80,000 to the income. The Tribunal emphasized that the assessee had sufficiently proven the source of the bank deposit, highlighting that further inquiry into the source of the creditor's funds was unwarranted once the depositor confirmed the advance. The Tribunal held that the rejection of the explanation based on the creditor's source of funds was erroneous, following legal precedents and supporting the assessee's position. Case-Laws Income Tax Thu, 27 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342276