https://www.taxtmi.com/caselaws?id=405684 The Tribunal dismissed the challenge to the validity of reassessment proceedings and overturned the addition of cash deposits under section 68 of the Income Tax Act. The Tribunal held that the cash deposits were adequately explained by the assessee as proceeds from sales and gifts, with total turnover exceeding the deposits. Emphasizing the importance of establishing a clear link between income sources and cash deposits, the Tribunal directed the Assessing Officer to delete the addition, highlighting the necessity of thorough documentation and explanations to avoid unwarranted tax liabilities. en-us Wed, 24 Mar 2021 00:00:00 +0530 Thu, 25 Mar 2021 09:32:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405684 The Tribunal dismissed the challenge to the validity of reassessment proceedings and overturned the addition of cash deposits under section 68 of the Income Tax Act. The Tribunal held that the cash deposits were adequately explained by the assessee as proceeds from sales and gifts, with total turnover exceeding the deposits. Emphasizing the importance of establishing a clear link between income sources and cash deposits, the Tribunal directed the Assessing Officer to delete the addition, highlighting the necessity of thorough documentation and explanations to avoid unwarranted tax liabilities. Case-Laws Income Tax Wed, 24 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405684