https://www.taxtmi.com/caselaws?id=394671 The Tribunal upheld the applicability of Section 68 of the Income-tax Act, 1961 to unexplained cash deposits in the assessee's bank account, treating them as income from other sources. Despite the assessee's claims of the cash deposits being proceeds from the sale of gold jewellery, the lack of satisfactory evidence and confirmations from alleged buyers led the Tribunal to deem the transactions as sham. The Tribunal applied the principles of preponderance of probabilities and directed the computation of capital gains on the sale of a portion of the jewellery while treating the remaining cash deposits as unexplained income. en-us Mon, 10 Feb 2020 00:00:00 +0530 Tue, 21 Apr 2020 12:44:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394671 The Tribunal upheld the applicability of Section 68 of the Income-tax Act, 1961 to unexplained cash deposits in the assessee's bank account, treating them as income from other sources. Despite the assessee's claims of the cash deposits being proceeds from the sale of gold jewellery, the lack of satisfactory evidence and confirmations from alleged buyers led the Tribunal to deem the transactions as sham. The Tribunal applied the principles of preponderance of probabilities and directed the computation of capital gains on the sale of a portion of the jewellery while treating the remaining cash deposits as unexplained income. Case-Laws Income Tax Mon, 10 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394671