https://www.taxtmi.com/caselaws?id=438397 Cash deposits during the demonetisation period were treated as unexplained income where the assessee failed to satisfactorily link the deposits to earlier cash withdrawals and gift-related claims. The explanation was undermined by a gap of more than three and a half years between the alleged withdrawal and the deposits, inconsistent versions at different stages, and the absence of corroborative evidence on preservation or utilisation of the cash. Applying the preponderance of probabilities and surrounding circumstances, the explanation was found unconvincing and the addition under section 69 of the Income-tax Act was sustained. en-us Wed, 12 Apr 2023 00:00:00 +0530 Wed, 31 May 2023 10:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438397 Cash deposits during the demonetisation period were treated as unexplained income where the assessee failed to satisfactorily link the deposits to earlier cash withdrawals and gift-related claims. The explanation was undermined by a gap of more than three and a half years between the alleged withdrawal and the deposits, inconsistent versions at different stages, and the absence of corroborative evidence on preservation or utilisation of the cash. Applying the preponderance of probabilities and surrounding circumstances, the explanation was found unconvincing and the addition under section 69 of the Income-tax Act was sustained. Case-Laws Income Tax Wed, 12 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438397