https://www.taxtmi.com/caselaws?id=391402 The ITAT dismissed the appeal, upholding the addition of Rs. 15,57,000 under section 68 of the Income Tax Act. The court emphasized the importance of the assessee proving the source of cash deposits in transactions, particularly when dealing with related parties like company directors. Despite the assessee's claims that the cash came from bank balances, the court found the explanations insufficient and affirmed the decision that the onus was on the assessee to demonstrate the legitimacy of the funds involved. en-us Thu, 19 Dec 2019 00:00:00 +0530 Tue, 28 Jan 2020 09:30:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391402 The ITAT dismissed the appeal, upholding the addition of Rs. 15,57,000 under section 68 of the Income Tax Act. The court emphasized the importance of the assessee proving the source of cash deposits in transactions, particularly when dealing with related parties like company directors. Despite the assessee's claims that the cash came from bank balances, the court found the explanations insufficient and affirmed the decision that the onus was on the assessee to demonstrate the legitimacy of the funds involved. Case-Laws Income Tax Thu, 19 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391402