https://www.taxtmi.com/caselaws?id=435023 Cash deposits during the demonetisation period were claimed to represent past savings and personal gifts. The assessee did not file a cash flow statement, but that omission alone was not enough to conclude that no cash in hand or savings existed. On an overall appreciation of the facts, the explanation was accepted only in part, and the unexplained portion was confined to the extent justified by surrounding circumstances. The addition was therefore restricted to 30% of the deposits, with the balance deleted, giving partial relief to the assessee. en-us Thu, 09 Mar 2023 00:00:00 +0530 Fri, 10 Mar 2023 08:56:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435023 Cash deposits during the demonetisation period were claimed to represent past savings and personal gifts. The assessee did not file a cash flow statement, but that omission alone was not enough to conclude that no cash in hand or savings existed. On an overall appreciation of the facts, the explanation was accepted only in part, and the unexplained portion was confined to the extent justified by surrounding circumstances. The addition was therefore restricted to 30% of the deposits, with the balance deleted, giving partial relief to the assessee. Case-Laws Income Tax Thu, 09 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435023