https://www.taxtmi.com/caselaws?id=411196 The ITAT Delhi allowed the appeal of the assessee, overturning the decision of the lower authorities. The tribunal found that the addition of Rs. 11,47,000 as unexplained cash deposit/investment was unwarranted as the source of the funds was legitimate and explained by the assessee. The ITAT emphasized the importance of concrete evidence and legitimate explanations in such cases, highlighting the need for assessing officers to consider all relevant factors before making additions based on assumptions. en-us Wed, 18 Aug 2021 00:00:00 +0530 Thu, 19 Aug 2021 04:51:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411196 The ITAT Delhi allowed the appeal of the assessee, overturning the decision of the lower authorities. The tribunal found that the addition of Rs. 11,47,000 as unexplained cash deposit/investment was unwarranted as the source of the funds was legitimate and explained by the assessee. The ITAT emphasized the importance of concrete evidence and legitimate explanations in such cases, highlighting the need for assessing officers to consider all relevant factors before making additions based on assumptions. Case-Laws Income Tax Wed, 18 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411196