https://www.taxtmi.com/caselaws?id=404717 The Tribunal confirmed the addition of unexplained credits in the bank accounts under section 68 of the Income Tax Act, 1961. The Commissioner of Income Tax (Appeals) upheld a significant portion of the addition made by the Assessing Officer, as the explanations provided by the assessee were found unsubstantiated. The Tribunal determined that the deposits should be treated as income from other sources due to the lack of evidence linking them to known sources of income. Ultimately, the Tribunal affirmed the addition of unexplained deposits and the levy of interest under section 234B of the Act. en-us Mon, 22 Feb 2021 00:00:00 +0530 Tue, 02 Mar 2021 08:18:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404717 The Tribunal confirmed the addition of unexplained credits in the bank accounts under section 68 of the Income Tax Act, 1961. The Commissioner of Income Tax (Appeals) upheld a significant portion of the addition made by the Assessing Officer, as the explanations provided by the assessee were found unsubstantiated. The Tribunal determined that the deposits should be treated as income from other sources due to the lack of evidence linking them to known sources of income. Ultimately, the Tribunal affirmed the addition of unexplained deposits and the levy of interest under section 234B of the Act. Case-Laws Income Tax Mon, 22 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404717