https://www.taxtmi.com/caselaws?id=374884 An opening cash balance reflected in the prior year's books, together with gift deeds supporting gifts from tax-compliant parents, was treated as a satisfactory explanation for cash deposits in the bank. Because the books were not rejected and the donors' capacity and tax status supported the gifts, the source of the deposits could not be treated as unexplained in the year under consideration. The related addition for plot registration expenses also failed, as that expenditure was met from the same accepted sources. The resultant additions were deleted in full. en-us Wed, 16 Jan 2019 00:00:00 +0530 Tue, 12 Feb 2019 07:05:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374884 An opening cash balance reflected in the prior year's books, together with gift deeds supporting gifts from tax-compliant parents, was treated as a satisfactory explanation for cash deposits in the bank. Because the books were not rejected and the donors' capacity and tax status supported the gifts, the source of the deposits could not be treated as unexplained in the year under consideration. The related addition for plot registration expenses also failed, as that expenditure was met from the same accepted sources. The resultant additions were deleted in full. Case-Laws Income Tax Wed, 16 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374884