https://www.taxtmi.com/caselaws?id=423398 Unsubstantiated bank deposits and opening capital balance may be treated as unexplained where the assessee cannot prove the source with reliable evidence; here, the opening capital was accepted as relating to earlier years, but the balance of the deposits remained unsupported and the appellate sustenance of that addition was justified. Claimed contract receipts also failed verification because the assessee could not establish identity, confirmation, or documentary proof for the alleged petty contract work; on that basis, the appellate authority was entitled to treat the unverified receipts as income and enhance the assessment. The appeal failed in full. en-us Fri, 03 Jun 2022 00:00:00 +0530 Mon, 06 Jun 2022 08:29:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423398 Unsubstantiated bank deposits and opening capital balance may be treated as unexplained where the assessee cannot prove the source with reliable evidence; here, the opening capital was accepted as relating to earlier years, but the balance of the deposits remained unsupported and the appellate sustenance of that addition was justified. Claimed contract receipts also failed verification because the assessee could not establish identity, confirmation, or documentary proof for the alleged petty contract work; on that basis, the appellate authority was entitled to treat the unverified receipts as income and enhance the assessment. The appeal failed in full. Case-Laws Income Tax Fri, 03 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423398