https://www.taxtmi.com/caselaws?id=193512 The Income Tax Appellate Tribunal (ITAT) upheld the addition of unexplained bank deposits as income from other sources due to the assessee's failure to satisfactorily explain transactions, leading to justifiable adverse inference. The ITAT emphasized the lack of bona fides in explanations and highlighted the lapses in the assessee's conduct, ultimately supporting the Assessing Officer's decision. The ITAT's ruling was based on the assessee's inability to effectively discharge the burden of proof, in line with the Sumati Dayal case law. en-us Thu, 13 Oct 2016 00:00:00 +0530 Thu, 03 Aug 2017 07:15:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193512 The Income Tax Appellate Tribunal (ITAT) upheld the addition of unexplained bank deposits as income from other sources due to the assessee's failure to satisfactorily explain transactions, leading to justifiable adverse inference. The ITAT emphasized the lack of bona fides in explanations and highlighted the lapses in the assessee's conduct, ultimately supporting the Assessing Officer's decision. The ITAT's ruling was based on the assessee's inability to effectively discharge the burden of proof, in line with the Sumati Dayal case law. Case-Laws Income Tax Thu, 13 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193512