https://www.taxtmi.com/caselaws?id=377045 The Tribunal upheld the addition of Rs. 10,48,500 under section 69 of the Income-tax Act in the hands of the assessee, dismissing the appeal due to insufficient evidence linking the cash deposits to explanations provided. The Tribunal found discrepancies in the timing and manner of deposits, questioning the need for multiple deposits if funds were readily available, and noted a lack of coherence in the explanation. Despite the documents submitted, the Tribunal concluded that the source of deposits was not adequately explained, affirming the lower authorities' decision. en-us Mon, 18 Feb 2019 00:00:00 +0530 Wed, 20 Mar 2019 08:46:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377045 The Tribunal upheld the addition of Rs. 10,48,500 under section 69 of the Income-tax Act in the hands of the assessee, dismissing the appeal due to insufficient evidence linking the cash deposits to explanations provided. The Tribunal found discrepancies in the timing and manner of deposits, questioning the need for multiple deposits if funds were readily available, and noted a lack of coherence in the explanation. Despite the documents submitted, the Tribunal concluded that the source of deposits was not adequately explained, affirming the lower authorities' decision. Case-Laws Income Tax Mon, 18 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377045