https://www.taxtmi.com/caselaws?id=430039 Delay in filing the appeal was condoned on the facts, the explanation being accepted as sufficient cause with no deliberate default or demonstrated prejudice. On the merits, cash deposits in the assessee's bank account were treated as part of the sale consideration of a capital asset, not as unexplained cash credit, because the deposits closely followed the sale transaction and the Revenue produced no rebuttal material. The decision applies the principle that suspicion cannot substitute for evidence, and that an addition as unexplained income requires corroborative material linking the deposits to untaxed receipts. The addition was deleted and the assessment was directed to be reframed accordingly. en-us Wed, 12 Oct 2022 00:00:00 +0530 Thu, 10 Nov 2022 09:06:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430039 Delay in filing the appeal was condoned on the facts, the explanation being accepted as sufficient cause with no deliberate default or demonstrated prejudice. On the merits, cash deposits in the assessee's bank account were treated as part of the sale consideration of a capital asset, not as unexplained cash credit, because the deposits closely followed the sale transaction and the Revenue produced no rebuttal material. The decision applies the principle that suspicion cannot substitute for evidence, and that an addition as unexplained income requires corroborative material linking the deposits to untaxed receipts. The addition was deleted and the assessment was directed to be reframed accordingly. Case-Laws Income Tax Wed, 12 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430039