https://www.taxtmi.com/caselaws?id=438368 The Tribunal partly allowed the appeal filed by the Hindu Undivided Family (HUF) in the income tax matter for A.Y. 2015-16. The Tribunal granted a benefit of Rs. 2,80,000 to the assessee based on the general practice of keeping cash on hand. However, it upheld the addition of Rs. 22,00,000 as unexplained income due to discrepancies in the explanations and evidence provided regarding cash deposits. The Tribunal found the source of the cash deposit inadequately substantiated, leading to the decision to confirm a portion of the addition as unexplained income. en-us Wed, 24 May 2023 00:00:00 +0530 Tue, 30 May 2023 09:00:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438368 The Tribunal partly allowed the appeal filed by the Hindu Undivided Family (HUF) in the income tax matter for A.Y. 2015-16. The Tribunal granted a benefit of Rs. 2,80,000 to the assessee based on the general practice of keeping cash on hand. However, it upheld the addition of Rs. 22,00,000 as unexplained income due to discrepancies in the explanations and evidence provided regarding cash deposits. The Tribunal found the source of the cash deposit inadequately substantiated, leading to the decision to confirm a portion of the addition as unexplained income. Case-Laws Income Tax Wed, 24 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438368