https://www.taxtmi.com/caselaws?id=361579 The Tribunal affirmed the CIT(Appeals) decision to uphold the Assessing Officer's addition to the appellant's total income due to unexplained cash deposits in bank accounts. The appellant's failure to provide satisfactory evidence for the source of funds led to the rejection of their appeal. The Tribunal found the AO's estimation of undisclosed business receipts reasonable and dismissed the appellant's selective application of peak credit theory and net profit rate. The appeal was ultimately rejected, emphasizing the importance of substantiating unexplained deposits in bank accounts. en-us Mon, 04 Jun 2018 00:00:00 +0530 Sat, 09 Jun 2018 09:08:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361579 The Tribunal affirmed the CIT(Appeals) decision to uphold the Assessing Officer's addition to the appellant's total income due to unexplained cash deposits in bank accounts. The appellant's failure to provide satisfactory evidence for the source of funds led to the rejection of their appeal. The Tribunal found the AO's estimation of undisclosed business receipts reasonable and dismissed the appellant's selective application of peak credit theory and net profit rate. The appeal was ultimately rejected, emphasizing the importance of substantiating unexplained deposits in bank accounts. Case-Laws Income Tax Mon, 04 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361579