https://www.taxtmi.com/caselaws?id=348264 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income-tax (Appeals) [CIT(A)] regarding unexplained cash deposits under Section 68 of the Income-tax Act, 1961. The ITAT found the assessee's explanations lacking and inconsistent, leading to the affirmation of the addition for unexplained cash deposits. However, the ITAT recognized gifts from 17 confirmed parties as genuine and directed the deletion of the addition corresponding to these gifts. The appeal was partly allowed, providing partial relief to the assessee. en-us Tue, 11 Jul 2017 00:00:00 +0530 Tue, 19 Sep 2017 17:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348264 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income-tax (Appeals) [CIT(A)] regarding unexplained cash deposits under Section 68 of the Income-tax Act, 1961. The ITAT found the assessee's explanations lacking and inconsistent, leading to the affirmation of the addition for unexplained cash deposits. However, the ITAT recognized gifts from 17 confirmed parties as genuine and directed the deletion of the addition corresponding to these gifts. The appeal was partly allowed, providing partial relief to the assessee. Case-Laws Income Tax Tue, 11 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348264