https://www.taxtmi.com/caselaws?id=344774 The Tribunal allowed the appeal, directing the Assessing Officer to delete the addition of Rs. 14,95,000 under section 68 of the Income Tax Act. The Tribunal accepted the explanation provided by the assessee regarding the cash deposits being part payments for the sale of ancestral land, supported by agreements and cash receipts. Despite non-disclosure of the bank account in the tax return, the Tribunal found merit in the explanation and overturned the CIT(A)'s decision, emphasizing the importance of disclosing financial information in tax returns. en-us Fri, 26 May 2017 00:00:00 +0530 Tue, 27 Jun 2017 15:53:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344774 The Tribunal allowed the appeal, directing the Assessing Officer to delete the addition of Rs. 14,95,000 under section 68 of the Income Tax Act. The Tribunal accepted the explanation provided by the assessee regarding the cash deposits being part payments for the sale of ancestral land, supported by agreements and cash receipts. Despite non-disclosure of the bank account in the tax return, the Tribunal found merit in the explanation and overturned the CIT(A)'s decision, emphasizing the importance of disclosing financial information in tax returns. Case-Laws Income Tax Fri, 26 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344774