https://www.taxtmi.com/caselaws?id=418840 The ITAT upheld the CIT (Appeals) decision, confirming the addition of Rs. 79,50,000 under section 68 of the Income Tax Act due to unexplained deposits in the assessee's bank account. Despite various explanations provided by the assessee, including claims of receiving money as earnest for a land deal, the lack of credible evidence and failure to prove the source's creditworthiness led to the rejection of the explanations. The ITAT emphasized the importance of substantiating claims in income tax assessments, ultimately dismissing the appeal and highlighting the significance of proving the source of funds to avoid undisclosed income classification. en-us Mon, 21 Feb 2022 00:00:00 +0530 Fri, 20 Feb 2026 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418840 The ITAT upheld the CIT (Appeals) decision, confirming the addition of Rs. 79,50,000 under section 68 of the Income Tax Act due to unexplained deposits in the assessee's bank account. Despite various explanations provided by the assessee, including claims of receiving money as earnest for a land deal, the lack of credible evidence and failure to prove the source's creditworthiness led to the rejection of the explanations. The ITAT emphasized the importance of substantiating claims in income tax assessments, ultimately dismissing the appeal and highlighting the significance of proving the source of funds to avoid undisclosed income classification. Case-Laws Income Tax Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418840