https://www.taxtmi.com/caselaws?id=427035 The Tribunal upheld the Assessing Officer's decision to treat the consultancy income as undisclosed income under Section 68 of the Income-tax Act. The Tribunal agreed that the assessee failed to substantiate the legitimacy of the income and expenses claimed, leading to the application of a higher tax rate under Section 115BBE. The Tribunal dismissed the appeal, emphasizing the lack of proper records, disproportionate income during demonetization, and the pattern of unexplained cash credits. The decision highlighted the need for assessees to provide credible explanations for their income sources to avoid stringent tax provisions. en-us Fri, 26 Aug 2022 00:00:00 +0530 Wed, 31 Aug 2022 06:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427035 The Tribunal upheld the Assessing Officer's decision to treat the consultancy income as undisclosed income under Section 68 of the Income-tax Act. The Tribunal agreed that the assessee failed to substantiate the legitimacy of the income and expenses claimed, leading to the application of a higher tax rate under Section 115BBE. The Tribunal dismissed the appeal, emphasizing the lack of proper records, disproportionate income during demonetization, and the pattern of unexplained cash credits. The decision highlighted the need for assessees to provide credible explanations for their income sources to avoid stringent tax provisions. Case-Laws Income Tax Fri, 26 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427035