https://www.taxtmi.com/caselaws?id=302344 Cash deposits in the assessee's bank accounts were held to be satisfactorily explained as sale consideration, including on-money, received from sale of agricultural property. The assessee supported this with the sale agreement, the purchaser's affidavit confirming higher payment, and bank material, while the recorded sale deed showed a lower value. As the Assessing Officer brought no counter-evidence to discredit the explanation or show a different source of funds, the deposits were not treated as unexplained income under section 68 and the addition was deleted. en-us Wed, 06 Feb 2019 00:00:00 +0530 Thu, 19 May 2022 20:44:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302344 Cash deposits in the assessee's bank accounts were held to be satisfactorily explained as sale consideration, including on-money, received from sale of agricultural property. The assessee supported this with the sale agreement, the purchaser's affidavit confirming higher payment, and bank material, while the recorded sale deed showed a lower value. As the Assessing Officer brought no counter-evidence to discredit the explanation or show a different source of funds, the deposits were not treated as unexplained income under section 68 and the addition was deleted. Case-Laws Income Tax Wed, 06 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302344