https://www.taxtmi.com/caselaws?id=272387 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) in a case involving the addition of cash deposits as unexplained investment under section 69. Despite a discrepancy in verifying the source of the deposits, the Tribunal considered circumstantial evidence, including bank statements and the visa granted to the assessee's son. The Tribunal found the assessee's explanation credible, emphasizing the lack of alternative income sources and concluding that the addition by the Assessing Officer was unjustified. The appeal of the department was dismissed, highlighting the importance of thoroughly assessing evidence and circumstances when determining the legitimacy of cash deposits. en-us Wed, 27 May 2015 00:00:00 +0530 Wed, 02 May 2018 06:19:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272387 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) in a case involving the addition of cash deposits as unexplained investment under section 69. Despite a discrepancy in verifying the source of the deposits, the Tribunal considered circumstantial evidence, including bank statements and the visa granted to the assessee's son. The Tribunal found the assessee's explanation credible, emphasizing the lack of alternative income sources and concluding that the addition by the Assessing Officer was unjustified. The appeal of the department was dismissed, highlighting the importance of thoroughly assessing evidence and circumstances when determining the legitimacy of cash deposits. Case-Laws Income Tax Wed, 27 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272387